Rich Lister Tim Gurner suggested a 50 per cent rise in the unemployment rate would reverse tradie productivity losses suffered since the pandemic.
A rise in the unemployment rate is needed “to remind people that they work for the employer, not the other way around”, says billionaire property developer Tim Gurner, identifying productivity as one of several major issues holding back the supply of more housing to restrain price rises.that this, along with a sclerotic planning system in Sydney and high taxes were making it difficult to develop property and creating a “full-blown rental crisis”.
The level of migration was a significant source of debate at the Summit on Tuesday. Net overseas migration is expected to have been about 400,000 in the 12 months to June 30 and 315,000 this financial year, far surpassing Australia’s pre-pandemic annual migrant intake of about 235,000.
Exacerbating the labour problem, Mr Gurner said, were people who had “decided they didn’t really want to work so much any more through COVID”.“Unemployment has to jump 40 to 50 per cent in my view. We need to see pain in the economy,” Mr Gurner said“Tradies have definitely pulled back on productivity. They have been paid a lot to do not too much in the last few years, and we need to see that change.
While focused on Melbourne, where he is based, Mr Gurner has also expanded into Sydney and Parramatta.18-level tower on the doorstep of Sydney’s Barangaroo for about $200 millionOn Tuesday, Mr Gurner said securing a permit on a “great site” in Sydney could be one, three, seven or even 15 years away, which made things very difficult for a sophisticated developer or investor. A site he acquired recently in the city“Sydney is just a complete other world for planning.
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