1 00:00:00,120 --> 00:00:02,880 Speaker 1: Happy Thursday, everybody. Welcome to the Daily Ods. My name 2 00:00:02,960 --> 00:00:06,280 Speaker 1: is Sam Kozlowski. It's the eleventh of November. I hope 3 00:00:06,280 --> 00:00:09,480 Speaker 1: you enjoyed the first episode of Young duminin Formed released 4 00:00:09,480 --> 00:00:12,760 Speaker 1: by the Daily Ods yesterday, all about climate change. It's 5 00:00:12,800 --> 00:00:16,360 Speaker 1: great to be with you on our regular pod today, Zara. 6 00:00:16,480 --> 00:00:19,639 Speaker 1: We've had a lot of good news about vaccinations in 7 00:00:19,680 --> 00:00:22,599 Speaker 1: the last few weeks. However, there was some not so 8 00:00:22,680 --> 00:00:23,680 Speaker 1: good news yesterday. 9 00:00:23,760 --> 00:00:29,040 Speaker 2: What happened yesterday the TGA, which is the Therapeutic Goods Administration, 10 00:00:29,240 --> 00:00:33,280 Speaker 2: announced it has granted provisional determination to Maderna to allow 11 00:00:33,320 --> 00:00:35,680 Speaker 2: it to apply to have its vaccine used in children 12 00:00:35,760 --> 00:00:39,159 Speaker 2: aged six to eleven years old. Now, the granting of 13 00:00:39,159 --> 00:00:42,519 Speaker 2: this determination means Maderna can now apply for approval for 14 00:00:42,560 --> 00:00:45,520 Speaker 2: the vaccine, not that its use has been approved immediately, 15 00:00:45,560 --> 00:00:46,599 Speaker 2: and that's a big difference. 16 00:00:47,040 --> 00:00:49,320 Speaker 1: The new South Wales government has announced one hundred and 17 00:00:49,360 --> 00:00:52,479 Speaker 1: five million dollars in new funding for electric vehicle uptake 18 00:00:52,560 --> 00:00:55,920 Speaker 1: among fleet operators. This comes on top of a previously 19 00:00:55,920 --> 00:00:58,800 Speaker 1: announced four hundred and ninety million dollar strategy to drive 20 00:00:58,920 --> 00:01:01,760 Speaker 1: get it the uptake of electric vehicles across the state. 21 00:01:02,080 --> 00:01:04,640 Speaker 1: Treasurer Matt Kean has said he hopes the initiative will 22 00:01:04,640 --> 00:01:07,479 Speaker 1: make the cars more affordable and widely available. 23 00:01:08,080 --> 00:01:11,640 Speaker 2: A US judge has ruled a congressional committee investigating the 24 00:01:11,760 --> 00:01:15,960 Speaker 2: January sixth insurrection can access White House records from former 25 00:01:16,000 --> 00:01:19,440 Speaker 2: President Donald Trump. In a statement, the judge said presidents 26 00:01:19,440 --> 00:01:22,880 Speaker 2: are not kings and plaintiff is not the president. Trump's 27 00:01:22,920 --> 00:01:26,280 Speaker 2: lawyers have filed an immediate appeal of the decision, and 28 00:01:26,360 --> 00:01:29,319 Speaker 2: in some good news for your Thursday, major travel company 29 00:01:29,360 --> 00:01:32,640 Speaker 2: Expedia has announced they will stop selling holidays that include 30 00:01:32,640 --> 00:01:36,440 Speaker 2: captive dolphin shows after adjusting their animal welfare policy. 31 00:01:36,800 --> 00:01:39,839 Speaker 1: It follows a number of other travel companies, including Virgin 32 00:01:39,880 --> 00:01:43,080 Speaker 1: Airways and Intrepid Travel, to not feature the practice in 33 00:01:43,160 --> 00:01:51,160 Speaker 1: their travel packages. We got a fascinating insight yesterday into 34 00:01:51,320 --> 00:01:54,880 Speaker 1: the state of Australian employment. We got some jobs figures 35 00:01:54,880 --> 00:01:56,880 Speaker 1: from SEKH that I wanted to take you through. But 36 00:01:57,000 --> 00:02:00,360 Speaker 1: also it ties into the two big narratives that are 37 00:02:00,360 --> 00:02:03,800 Speaker 1: popping up in employment circles as we exit the COVID pandemic, 38 00:02:04,000 --> 00:02:06,960 Speaker 1: and that is the great resignation and the Great vacation. 39 00:02:07,800 --> 00:02:10,480 Speaker 1: Let's deal with one at a time. So the great 40 00:02:10,520 --> 00:02:14,200 Speaker 1: resignation is the idea that millions of Australians are predicted 41 00:02:14,240 --> 00:02:16,960 Speaker 1: to quit their jobs next year. It comes on the 42 00:02:17,000 --> 00:02:19,280 Speaker 1: back of the jobs market in the US having a 43 00:02:19,280 --> 00:02:21,840 Speaker 1: bit of a shock when the resignation rate in August 44 00:02:21,960 --> 00:02:24,320 Speaker 1: was two point nine percent, and that was the month 45 00:02:24,360 --> 00:02:27,480 Speaker 1: that the US really opened its doors. The term the 46 00:02:27,520 --> 00:02:30,919 Speaker 1: Great Resignation was actually coined by an economist in the US, 47 00:02:30,960 --> 00:02:33,400 Speaker 1: Anthony Klotz. Here's why he coined it. 48 00:02:33,840 --> 00:02:37,240 Speaker 3: Over the last decade, the number of resignations in the 49 00:02:37,360 --> 00:02:40,600 Speaker 3: US and the rate of resignations has slowly been climbing, 50 00:02:41,080 --> 00:02:43,320 Speaker 3: and then in twenty twenty, due to the pandemic, that 51 00:02:43,440 --> 00:02:47,760 Speaker 3: completely leveled out. And so I thought there's probably a 52 00:02:47,760 --> 00:02:50,800 Speaker 3: backlog of individuals who would have otherwise resigned from their 53 00:02:50,880 --> 00:02:53,400 Speaker 3: jobs had it been a normal year, who were staying 54 00:02:53,480 --> 00:02:55,320 Speaker 3: in place during the pandemic. 55 00:02:55,480 --> 00:02:57,560 Speaker 1: So I guess the question now is will we see 56 00:02:57,600 --> 00:03:00,480 Speaker 1: a great resignation in Australia. We have a little bit 57 00:03:00,480 --> 00:03:03,760 Speaker 1: of data to reflect on here. The PwC Australia Survey, 58 00:03:03,800 --> 00:03:06,639 Speaker 1: released a couple of weeks ago, found thirty six percent 59 00:03:06,680 --> 00:03:09,160 Speaker 1: of employees want a new job in the next twelve months, 60 00:03:09,360 --> 00:03:13,200 Speaker 1: with seventy three percent of employers already worried about staff shortages. 61 00:03:13,720 --> 00:03:17,040 Speaker 1: They're similar data from Microsoft. They reported that forty percent 62 00:03:17,080 --> 00:03:20,160 Speaker 1: of the global workforce are considering leaving their employers in 63 00:03:20,200 --> 00:03:23,120 Speaker 1: the next twelve months. But the really interesting thing here 64 00:03:23,200 --> 00:03:26,280 Speaker 1: was the data release yesterday by employment sites seek and 65 00:03:26,360 --> 00:03:29,560 Speaker 1: they declared they just posted their highest number of job 66 00:03:29,600 --> 00:03:33,040 Speaker 1: ads in twenty three years. Job add volumes in October 67 00:03:33,160 --> 00:03:35,680 Speaker 1: was sixty three percent higher than a year ago and 68 00:03:35,720 --> 00:03:40,080 Speaker 1: forty four percent above where they were in October twenty nineteen. However, 69 00:03:40,200 --> 00:03:43,280 Speaker 1: seekh carries the same narrative. They say that twenty eight 70 00:03:43,360 --> 00:03:46,600 Speaker 1: percent of Australian workers are likely to consider changing jobs 71 00:03:46,600 --> 00:03:49,360 Speaker 1: in the next six months, and that level is different 72 00:03:49,440 --> 00:03:50,440 Speaker 1: to other years. 73 00:03:50,800 --> 00:03:53,800 Speaker 2: So what do the experts in these fields say is 74 00:03:53,960 --> 00:03:55,080 Speaker 2: the biggest reason for this? 75 00:03:55,600 --> 00:03:57,480 Speaker 1: I had a little bit of a look across a 76 00:03:57,600 --> 00:04:01,720 Speaker 1: number of the opinion pieces and academic writings, both from 77 00:04:01,760 --> 00:04:04,480 Speaker 1: Australia and overseas, and there tends to be three core 78 00:04:04,560 --> 00:04:07,800 Speaker 1: theories that jump out at me. Firstly, the most obvious 79 00:04:07,840 --> 00:04:10,720 Speaker 1: reason is that we want to spend more time overseas. 80 00:04:10,760 --> 00:04:12,680 Speaker 1: We haven't been able to for a couple of years, 81 00:04:12,880 --> 00:04:15,680 Speaker 1: and we're looking for opportunities to both travel and work 82 00:04:15,720 --> 00:04:18,960 Speaker 1: at the same time. We know this because more companies 83 00:04:19,040 --> 00:04:22,240 Speaker 1: are offering overseas opportunities. But it seems to be the 84 00:04:22,279 --> 00:04:24,839 Speaker 1: case that employees are choosing to step away from work 85 00:04:24,839 --> 00:04:26,920 Speaker 1: for a little while to travel, and that might be 86 00:04:26,960 --> 00:04:29,960 Speaker 1: an opportunity and time to change jobs. The second factor 87 00:04:30,000 --> 00:04:33,159 Speaker 1: is that it's actually harder for employee experience to be 88 00:04:33,200 --> 00:04:36,000 Speaker 1: pulled off. You know, employers can no longer rely on 89 00:04:36,040 --> 00:04:40,400 Speaker 1: a beautiful office and at work perks morning tees to 90 00:04:40,520 --> 00:04:43,839 Speaker 1: keep you interested in your job. They're constantly thinking about 91 00:04:43,839 --> 00:04:49,080 Speaker 1: ways to keep and now geographically spread staff workforce engaged, 92 00:04:49,120 --> 00:04:52,240 Speaker 1: and that's proving to be really challenging. And the third 93 00:04:52,320 --> 00:04:54,520 Speaker 1: one is a little bit more psychological, and that's the 94 00:04:54,600 --> 00:04:57,920 Speaker 1: idea of career downsizing. And a lot of psychologists say 95 00:04:57,960 --> 00:05:00,479 Speaker 1: that we've actually had time over the last couple of 96 00:05:00,480 --> 00:05:03,440 Speaker 1: months and years to think about our life and to 97 00:05:03,480 --> 00:05:06,000 Speaker 1: think about the idea that there's more to life than work. 98 00:05:06,680 --> 00:05:08,599 Speaker 1: I find it quite funny that it took a global 99 00:05:08,640 --> 00:05:11,120 Speaker 1: pandemic for that realization to kick in for a lot 100 00:05:11,120 --> 00:05:12,839 Speaker 1: of people, but it seems to be the case. 101 00:05:13,520 --> 00:05:16,000 Speaker 2: So from one great thing to another for those of 102 00:05:16,080 --> 00:05:18,680 Speaker 2: us who aren't thinking of quitting our jobs. There is 103 00:05:18,720 --> 00:05:20,839 Speaker 2: also talk of a great vacation. 104 00:05:21,200 --> 00:05:24,000 Speaker 1: Talk me through that again along the same principles of 105 00:05:24,040 --> 00:05:26,000 Speaker 1: the fact that we haven't been able to travel for 106 00:05:26,040 --> 00:05:29,279 Speaker 1: a while. But there are one point three seven million 107 00:05:29,360 --> 00:05:32,760 Speaker 1: Australians who have at least seven weeks of annual leave 108 00:05:32,960 --> 00:05:35,960 Speaker 1: due now. It's highly likely that that one point thirty 109 00:05:36,000 --> 00:05:40,200 Speaker 1: seven million cohort hasn't taken an extended break during COVID 110 00:05:40,279 --> 00:05:42,880 Speaker 1: because there's nowhere really to go, and that length of 111 00:05:42,920 --> 00:05:45,560 Speaker 1: time would indicate that you'd want to go and travel somewhere. 112 00:05:46,160 --> 00:05:48,680 Speaker 1: If we zoom out a little bit, over eight million 113 00:05:48,720 --> 00:05:51,680 Speaker 1: Australians in employment have a total of one hundred and 114 00:05:51,680 --> 00:05:54,720 Speaker 1: seventy five million days of annual leave, which is up 115 00:05:54,720 --> 00:05:56,760 Speaker 1: from one hundred and fifty million days of annual leave 116 00:05:56,839 --> 00:06:00,120 Speaker 1: a year ago. So that's a pretty sharp increase. And 117 00:06:00,160 --> 00:06:03,839 Speaker 1: the theory here is that when travel officially fully opens 118 00:06:03,960 --> 00:06:07,400 Speaker 1: up without any hesitations, that lots of employees are going 119 00:06:07,440 --> 00:06:10,000 Speaker 1: to be looking to take an extended leaf period. Now, 120 00:06:10,000 --> 00:06:11,640 Speaker 1: we have to think about all of these in terms 121 00:06:11,720 --> 00:06:14,720 Speaker 1: of the productivity of our economy and the changing workforce, 122 00:06:15,120 --> 00:06:17,480 Speaker 1: and that's why I find the SEEK data. So interesting 123 00:06:17,520 --> 00:06:20,799 Speaker 1: is that there seems to be a really unmatched demand 124 00:06:20,960 --> 00:06:23,680 Speaker 1: from employers, where in fact you have a group of 125 00:06:23,680 --> 00:06:26,680 Speaker 1: employees who actually would rather not be at work. There 126 00:06:26,720 --> 00:06:28,960 Speaker 1: does seem to be one sector of the economy that 127 00:06:29,000 --> 00:06:31,560 Speaker 1: has hit the hardest, and that is the hospitality and 128 00:06:31,640 --> 00:06:35,599 Speaker 1: retail sector. It's estimated that as of last month there's 129 00:06:35,600 --> 00:06:39,839 Speaker 1: about eighty five thousand hospitality job vacancies. I know anecdotally 130 00:06:39,880 --> 00:06:43,040 Speaker 1: that a lot of small businesses, particularly in hospitality, are 131 00:06:43,080 --> 00:06:45,760 Speaker 1: choosing to actually close for two days a week because 132 00:06:45,800 --> 00:06:47,760 Speaker 1: of the lack of supply. We know that this is 133 00:06:47,839 --> 00:06:50,400 Speaker 1: because there's a lack of international travelers coming to fill 134 00:06:50,480 --> 00:06:52,840 Speaker 1: jobs in cafes and restaurants, and that a lot of 135 00:06:52,920 --> 00:06:56,240 Speaker 1: employers are offering massive wages and sign on incentives to 136 00:06:56,400 --> 00:07:00,080 Speaker 1: entice the limited supply of local workers. What does that 137 00:07:00,160 --> 00:07:02,920 Speaker 1: mean for you in Iszara, It probably means more expensive 138 00:07:02,960 --> 00:07:04,919 Speaker 1: items when we go out to eat and drink. 139 00:07:05,480 --> 00:07:08,359 Speaker 2: While we aren't expecting the size of the great resignation 140 00:07:08,480 --> 00:07:11,680 Speaker 2: here in Australia to reflect that of what occurs in 141 00:07:11,720 --> 00:07:14,000 Speaker 2: the US, just based on the size of our economies, 142 00:07:14,320 --> 00:07:17,720 Speaker 2: it is certainly something that employers across the country are 143 00:07:17,760 --> 00:07:21,640 Speaker 2: considering as we enter this post pandemic life. It does 144 00:07:21,680 --> 00:07:24,000 Speaker 2: seem like the workforce and the way in which we 145 00:07:24,040 --> 00:07:27,400 Speaker 2: work has irreparably changed, and it'll be really interesting to 146 00:07:27,440 --> 00:07:30,760 Speaker 2: see whether these behavioral expectations are actually met. 147 00:07:30,960 --> 00:07:33,280 Speaker 1: That's all we've got time for on today's podcast, but 148 00:07:33,320 --> 00:07:35,320 Speaker 1: we would love you to join us over on Instagram. 149 00:07:35,320 --> 00:07:39,200 Speaker 1: We also have a newsletter that I think you might like. Tomorrow, 150 00:07:39,280 --> 00:07:42,920 Speaker 1: we'll talk to the wonderful experts of finance at Your 151 00:07:42,960 --> 00:07:44,720 Speaker 1: and Good Company and do a bit of a rap 152 00:07:44,760 --> 00:07:46,680 Speaker 1: of the last couple of weeks in the finance world. 153 00:07:46,680 --> 00:07:49,000 Speaker 1: Make sure the stay tuned for that. And just reminder, 154 00:07:49,120 --> 00:07:52,240 Speaker 1: Young Dumb and Informed, Episode one is out now. Wherever 155 00:07:52,320 --> 00:07:55,280 Speaker 1: you're listening to this podcast, put it on next and 156 00:07:55,320 --> 00:07:56,160 Speaker 1: tell us what you think.