High personal debt load impacts ability to save for retirement
According to new data from the Canadian Payroll Association, fully half of Canadians are just a delayed paycheque from financial hardship.
Writing for the Huffington Post, Daniel Tencer says that although the country’s economy has been doing well, it’s “doing little to help working Canadians out of their debt trap,” citing the new study from the association.
“In a poll carried out for the group this summer, 44 per cent of respondents said it would be difficult to make ends meet if their paycheque was delayed by even a week. That’s actually a slightly lower share than in the previous several years, when 48 per cent, on average, said they would struggle with a one-week pay delay,” he writes.
According to association president Peter Tzanetakis, the “sense we got from the survey is that while Canadians are feeling a little better about their financial health, it’s largely due to the job situation and a strong economy. The reality is that they continue to carry very high debt loads, and it’s impacting their ability to save for a rainy day or even retirement.”
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CPPIB invest in WestConnex toll road project in Australia
The CPPIB is investing in the WestConnex toll road project in Sydney, Australia as part of the Sydney Transport Partners consortium.
The consortium was named the successful bidder for a 51 per cent ownership stake in WestConnex, representing A$9.26 billion of total proceeds to the State of New South Wales for that stake. CPPIB will hold a 20.5 per cent interest in the consortium’s ownership stake.
WestConnex is the largest road infrastructure project currently underway in Australia. The 33-kilometre development project is being constructed in three stages and will help connect Western and South Western Sydney with the city, port and airport.
“WestConnex is a vital infrastructure development serving one of the fastest population and economic growth regions in Australia,” said Scott Lawrence, Managing Director and Head of Infrastructure, CPPIB.
“We see WestConnex as a strong fit within our global infrastructure portfolio, and look forward to continuing to work as part of the Sydney Transport Partners team with the people and Government of NSW on this significant project.”
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