Analysing the relationship between new housing supply and residential construction costs with the regional heterogeneities

New housing supply in Australia has been experiencing a low rate of increase in conjunction with a dramatic increase in residential construction costs since the 1990s. This study aims to estimate the relationship between new housing supply and residential construction costs with the regional heterogeneities. Based on a panel error correction model, it can be identified that there is a causal link as well as a significant correlation between new housing supply and construction costs in the Australian sub-national housing construction markets. The model developed in this research assists policy makers to better understand the nature of the supply side of the housing sector and then enact appropriate policies to improve the new housing supply in Australia.

OzTug mobile robot for manufacturing transportation

Firstly, this paper introduces the OzTug mobile robot developed to autonomously manoeuvre large loads within a manufacturing environment. The mobile robot utilizes differential drive and necessary design criteria includes low-cost, mechanical robustness, and the ability to manoeuvre loads ranging up to 2000kg. The robot is configured to follow a predefined trajectory while maintaining the forward velocity of a user-specified velocity profile. A vision-based fuzzy logic line following controller enables the robot to track the paths on the floor of the manufacturing environment. Secondly, in order to tow large loads along predefined paths three different robot-load configurations are proposed. Simulation within the Webots environment was performed in order to empirically evaluate the three different robot-load configurations. The simulation results demonstrate the cost-performance trade-off of two of the approaches.

New housing supply and residential construction costs in Australia : a panel ECM approach

The supply of new housing in Australia has been experiencing a low increase rate since the 1990s in conjunction with an increasingly strong housing demand. On the contrary, residential construction costs across Australia?s states maintained dramatic increases simultaneously. Economic theory suggests that new housing supply is correlated to the costs of residential constructions. However, few empirical studies have focused on examining this relationship for Australian housing markets. To comprehensively investigate the relationship between the supply of new housing and residential construction costs a function for new housing supply considering the effects of regional heterogeneities is introduced in this study. By estimating a panel error correction model (ECM) applicable for quantifying the correlation with regional heterogeneities, this research identifies that a causal link and a strong correlation exist in between new housing supply and residential construction costs in Australia.

The level of representative underwriting and the underwriting costs of REIT SEOs

Purpose – The purpose of this paper is to investigate factors influencing the underwriting discount for US Real Estate Investment Trust (REIT) Seasoned Equity Offerings (SEOs).

Design/methodology/approach – The study provides new evidence on determinants of underwriting discounts with a comprehensive dataset of 783 US REIT SEOs from 1996 until June 2010. Ordinary least squares regressions are performed to estimate the effect of the level of representative underwriting along with other potential factors on underwriting discounts.

Findings – The study complements the well-documented notion of the economies of scale in SEO underwriting discounts. The equally (value) weighted underwriting discounts averaged 4.21 per cent (4.10 per cent) with a declining trend over time. The findings of this study show the statistically and economically significant negative effect of the level of representative underwriting on the underwriting discounts, as well as the significance of the structure of underwriting syndicate in determining the underwriting discounts. The findings suggest that issuers can minimize the costs of raising secondary equity capital by optimally allocating the underwriting business among the underwriters.

Originality/value – This paper adds to the international REIT SEO literature by exploring new evidence behind underwriting discounts. The study includes data before and after the REIT Modernization Act 1999 and during the recent global financial crisis period.

Disease costing methodology used in the Disease Costs and Impact Study 1993–94

Describes in detail the methodology used by the Australian Institute of Health and Welfare to measure health services use and expenditure for specific diseases and disease groups in Australia in 1993-94. A companion report, Health System Costs of Diseases and Injury in Australia 1993-94, provides estimates of the health system costs for each disease and injury group and area of expenditure. Other reports will provide detailed estimates for specific National Health Priority Areas - cancer, cardiovascular disease, injury, mental health and diabetes.

Health system costs of diseases and injury in Australia 1993-94 : an analysis of costs, service use and mortality for major disease and injury groups

Provides a systematic analysis of the health system use and costs associated with specific disease and injury groups in Australia in 1993-94. The estimates are presented in a consistent format and are derived using a methodology that ensures the results add across disease, age and sex groups to total Australian health expenditures for 1993-94.