You’ve Heard of Quiet Quitting. Now Companies Are Quiet Cutting.
Kanebridge News
    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,797,295 (-0.31%)       Melbourne $1,075,632 (-0.17%)       Brisbane $1,249,605 (-0.00%)       Adelaide $1,097,216 (-0.97%)       Perth $1,122,957 (-1.33%)       Hobart $865,909 (+0.08%)       Darwin $845,396 (-2.25%)       Canberra $1,062,919 (-0.56%)       National Capitals $1,207,421 (-0.51%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $820,260 (+0.40%)       Melbourne $553,256 (+0.31%)       Brisbane $796,351 (-1.62%)       Adelaide $595,818 (+3.94%)       Perth $683,075 (-0.20%)       Hobart $581,624 (-0.60%)       Darwin $496,326 (+5.24%)       Canberra $499,963 (+0.25%)       National Capitals $650,385 (+0.27%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 13,543 (-93)       Melbourne 16,685 (+164)       Brisbane 7,546 (+68)       Adelaide 2,737 (+47)       Perth 5,954 (+96)       Hobart 847 (-33)       Darwin 130 (+7)       Canberra 1,219 (+19)       National Capitals 48,661 (+275)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 9,158 (-16)       Melbourne 6,926 (+89)       Brisbane 1,459 (-16)       Adelaide 413 (-7)       Perth 1,233 (+17)       Hobart 165 (+6)       Darwin 174 (-3)       Canberra 1,201 (+42)       National Capitals 20,729 (+112)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $850 (+$10)       Melbourne $600 (+$5)       Brisbane $700 ($0)       Adelaide $650 ($0)       Perth $750 ($0)       Hobart $643 (-$8)       Darwin $720 (-$30)       Canberra $740 (+$20)       National Capitals $714 (+$)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $820 (+$10)       Melbourne $585 (+$5)       Brisbane $650 ($0)       Adelaide $550 ($0)       Perth $700 ($0)       Hobart $520 ($0)       Darwin $640 (+$30)       Canberra $595 ($0)       National Capitals $645 (+$6)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 5,384 (-35)       Melbourne 6,776 (-135)       Brisbane 3,626 (-33)       Adelaide 1,453 (+34)       Perth 2,269 (+4)       Hobart 224 (+8)       Darwin 43 (-12)       Canberra 426 (+6)       National Capitals 20,201 (-163)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 8,462 (+24)       Melbourne 4,615 (+49)       Brisbane 1,888 (+11)       Adelaide 430 (+6)       Perth 659 (+2)       Hobart 79 (+1)       Darwin 74 (+2)       Canberra 650 (+1)       National Capitals 16,857 (+96)                HOUSE ANNUAL GROSS YIELDS AND TREND       Sydney 2.46% (↑)      Melbourne 2.90% (↑)      Brisbane 2.91% (↑)      Adelaide 3.08% (↑)      Perth 3.47% (↑)        Hobart 3.86% (↓)       Darwin 4.43% (↓)     Canberra 3.62% (↑)      National Capitals 3.08% (↑)             UNIT ANNUAL GROSS YIELDS AND TREND       Sydney 5.20% (↑)      Melbourne 5.50% (↑)      Brisbane 4.24% (↑)        Adelaide 4.80% (↓)     Perth 5.33% (↑)      Hobart 4.65% (↑)        Darwin 6.71% (↓)       Canberra 6.19% (↓)     National Capitals 5.16% (↑)             HOUSE RENTAL VACANCY RATES AND TREND       Sydney 1.4% (↑)      Melbourne 1.5% (↑)      Brisbane 1.2% (↑)      Adelaide 1.2% (↑)      Perth 1.0% (↑)        Hobart 0.5% (↓)       Darwin 0.7% (↓)     Canberra 1.6% (↑)      National Capitals $1.1% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 1.4% (↑)      Melbourne 2.4% (↑)      Brisbane 1.5% (↑)      Adelaide 0.8% (↑)      Perth 0.9% (↑)      Hobart 1.2% (↑)        Darwin 1.4% (↓)     Canberra 2.7% (↑)      National Capitals $1.5% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND       Sydney 32.8 (↑)      Melbourne 32.3 (↑)      Brisbane 30.6 (↑)      Adelaide 26.4 (↑)      Perth 36.7 (↑)      Hobart 29.8 (↑)        Darwin 26.1 (↓)     Canberra 32.5 (↑)      National Capitals 30.9 (↑)             AVERAGE DAYS TO SELL UNITS AND TREND       Sydney 31.4 (↑)      Melbourne 30.6 (↑)      Brisbane 29.8 (↑)      Adelaide 24.1 (↑)      Perth 35.2 (↑)      Hobart 29.6 (↑)        Darwin 30.4 (↓)       Canberra 39.1 (↓)       National Capitals 31.3 (↓)           
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You’ve Heard of Quiet Quitting. Now Companies Are Quiet Cutting.

Layoffs are down, but employers are still finding ways to cut jobs

By RAY A. SMITH
Tue, Aug 29, 2023 8:39amGrey Clock 4 min

Workers are waking up to emails and team-meeting requests with a jarring message: They aren’t fired, but their jobs are gone.

People on the receiving end of these memos describe running through a range of emotions, from relief that they’re still employed to a sense of dread that their bosses secretly want them to leave. They are also facing a labor market that isn’t as robust as a year ago, leaving many to believe that the best option is to stay put and hunt internally for a better fit.

Adidas, Adobe, IBM and Salesforce, among others, have reassigned employees as part of corporate restructurings. Mentions of reassignment, or similar terms, during company earnings calls more than tripled between last August and this month, according to data from AlphaSense, a financial-research platform.

“Reassigning is definitely a huge part of the dynamic right now,” said Andy Challenger, senior vice president at Challenger, Gray & Christmas, an outplacement firm.

For companies that spent several years—and significant money—to hire top talent, reassigning workers to new roles can be a way to fill jobs vital to future plans while trimming costs associated with old strategies, say human-resources executives.

It can also be a waiting game. Employees to whom it would be costly to pay severance or months of unemployment benefits might decide to leave on their own if they feel stuck in a job they don’t want, executive coaches say.

U.S.-based companies announced 42% fewer job cuts in July than they did in June, Challenger said. July job cuts were also 8% lower than the prior-year period, marking the first time this year that monthly job cuts were lower than in 2022.

In interviews and online forums, many workers said they worried whether their reassignment meant they would eventually be pushed out the door. They also wondered how to work their way out of job purgatory and back into a position they actually want.

“I got the sense that it was like: ‘We appreciate everything you did so we didn’t lay you off, so you can either make the best of this or go find another job somewhere else,’ ” said Matt Conrad, a 34-year-old senior sales-enablement specialist at IBM who went through two reassignments in two years before landing his current role last fall.

In Conrad’s first reassignment in 2021, a manager scheduled a call to notify him that his manager role was eliminated. He was given a new job selling software he had no experience with, a move he said took a toll on his mental health.

Later that year, Conrad found a new job at IBM through a former manager that was better suited to his skill set. Then, in January 2022, that team was eliminated and he was reassigned again. Conrad asked the HR department to help him to find his remote, senior sales-coach role, a process that took six months.

Not quitting when he was reassigned was a matter of principle, he said: “I wouldn’t give in because I was a top performer and it just wasn’t fair.”

IBM didn’t respond to requests for comment.

Getting caught up in a reorganisation can create anxiety for workers, but it’s sometimes a genuine move on the company’s part to avoid letting people go, said Roberta Matuson, an executive coach and adviser to businesses including General Motors and Microsoft on human-resources issues.

“They’re basically signalling to you: ‘Look, this is the only way for me to have a job here for you, I need to reassign you, so wink, wink, if I were you, I would take the assignment,’ ” she said.

Other times, workers are purposefully pushed into jobs management knows they will be miserable in, prompting them to quit.

“They could be putting you out to pasture,” Matuson said.

Signals to look for include reassignment to a job that is far below the pay or skill level you currently have, Matuson said. Other warning signs: Being offered a role that requires relocating when your boss knows moving isn’t a viable option for you, or being reassigned to a division that’s rumoured to be on the chopping block.

Employees suspicious or nervous about a reassignment should ask their managers why, specifically, it’s happening and what the reassignment means for their career path, said Naomi Sutherland, a global lead of talent development with Korn Ferry, a consulting firm. The answers could reveal whether a job transfer is personal.

Without good information, “people are going to fill a void of information with whatever story they’re going to tell themselves,” she said.

Most of the time, there is little legal recourse for workers if their company reassigns them, employment lawyers say.

One exception is when a worker can demonstrate the reassignment was retaliatory, said Angela L. Walker, an employment attorney with Blanchard & Walker in Ann Arbor, Mich. The bar is high, she added. The employee would have to show prior evidence of discriminatory treatment or that they were unfairly singled out.

“I’ve seen lots of examples in my practice where employees are told they’re being let go in a ‘restructuring’ and it turns out that they’re the only one affected, or they’re the only one affected in their group,” Walker said.

Grant Gurewitz, 32, said it took time to adjust to a new role in Seattle earlier this year when his software company eliminated his position as head of growth marketing for employee experience in North America. He was given 24 hours to make a choice between two other jobs, or leave. He picked a global head of growth marketing role that came with more responsibilities but without a pay increase.

He chose to look on the bright side, because a global role probably would’ve been the next position he wanted and it builds on his existing skill set.

“There’s still a lot of runway for me to learn and grow and develop in this role, which is the glass-half-full approach to all of this that’s happened,” he said.



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As housing drives wealth and policy debate, the real risk is an economy hooked on growth without productivity to sustain it.

By Paul Miron, Opinion
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For decades, Australia has leaned into its reputation as the lucky country. But luck, as it turns out, is not an economic strategy. 

What once looked like resilience now appears increasingly fragile. Beneath the surface of rising property values and steady headline growth, the Australian economy is showing signs of strain that can no longer be ignored. 

Recent data paints a sobering picture. Australia has recorded one of the largest declines in real household disposable income per capita among advanced economies.  

Wages have failed to keep pace with inflation, meaning many Australians are working harder for less. On a per capita basis, income growth has stalled and, at times, reversed. 

And yet, on paper, things still look relatively solid. GDP is growing. Unemployment remains low. But that growth is increasingly being driven by population expansion rather than productivity.  

More people are contributing to output, but not necessarily improving living standards. 

That distinction matters. 

For years, Australia’s economic success rested on a powerful combination: a once-in-a-generation mining boom, a credit-fuelled housing market, strong migration and a property sector that rarely faltered. Between 1991 and 2020, the country avoided recession entirely, building enormous wealth in the process. 

But much of that wealth is tied to property. Around two-thirds of household wealth sits in real estate, inflated by leverage and sustained by demand. It has worked, until now. 

The problem is the supply side of the economy has not kept up. 

Housing supply is falling behind population growth. Rental vacancies are near record lows.  

Construction firms are collapsing at an elevated rate. At the same time, massive infrastructure pipelines are competing with residential projects for labour and materials, pushing costs higher and delaying delivery. 

The result is a system under pressure from all angles. 

Despite near full employment, productivity growth has stagnated for years. In simple terms, Australians are putting in more hours without generating more output per hour. The economy is running faster, butgoing nowhere. 

Meanwhile, government spending continues to expand. Public debt is approaching $1 trillion, with spending now accounting for a record share of GDP.  

The gap between spending and revenue has been filled by borrowing for decades, adding further pressure to an already stretched system. 

This is where the uncomfortable question emerges. 

Has Australia become too reliant on a model driven by rising property values, expanding credit and population growth? 

As asset prices rise, households feel wealthier and borrow more. Banks lend more. Governments collect more revenue. Migration fuels demand. The cycle reinforces itself. 

But when productivity stalls and debt outpaces real income, the system begins to depend on constant expansion just to stay stable. 

It is not a collapse scenario. But it is not particularly stable either. 

Nowhere is this more evident than in housing. 

The National Housing Accord targets 1.2 million new homes over five years, yet current completion rates are well below that pace. With approvals falling and construction costs rising, the gap between supply and demand is widening, not narrowing. 

Housing is also one of the largest contributors to inflation, with costs rising sharply across rents, construction and utilities. Yet the private sector, from small investors to major developers, is struggling to make projects stack up in the current environment. 

This brings the policy debate into sharper focus. 

Tax settings such as negative gearing and capital gains concessions have undoubtedly boosted demand over the past two decades. But they have also supported supply. Removing them may ease prices briefly, but risks deepening the supply shortage over time. 

That is the paradox. 

Policies designed to make housing more affordable can, in practice, make the shortage worse if they discourage development. The optics may appeal, but the economics are far less forgiving. 

It is also worth remembering that most property investors are not institutional players. The majority own just one investment property. They are, in many cases, ordinary Australians using real estate as their primary wealth-building tool. 

Undermining that system without replacing it with a viable alternative risks unintended consequences, from reduced supply to higher rents and increased inflation. 

So where does that leave Australia? 

At a crossroads. 

The country can continue to rely on population growth and rising asset prices to drive economic activity. Or it can shift towards a model built on productivity, innovation and sustainable growth. 

The latter is harder. It requires structural reform, long-term thinking and political discipline. 

But it is also the only path that leads to genuine, lasting prosperity. 

The question is no longer whether Australia has been lucky. 

It is whether it can evolve before that luck runs out. 

Paul Miron is the Co-Founder & Fund Manager of Msquared Capital. 

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