Population Trends

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<p><span>Australia's four most populous states accounted for a thumping 93.4% of Australia's </span>population growth<span> over the year to Q1 2015, with New South Wales (its total population increasing to 7,597,000), Victoria (5,915,000), Queensland (4,767,000) and Western Australia (2,587,000) being the four states in question.</span><br><br><span>You could more or less chuck a soggy beach towel over the rest. </span></p>
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<p><span>The greatest gains in headcount across the most recent 12 month reporting period were seen in New South Wales (+101,200), Victoria (+97,500) and Queensland (+61,100), and as we've already seen that the recent "births" figures are almost certainly materially </span><a href="https://petewargent.blogspot.co.uk/2015/09/population-growth-surprise" target="_blank">understated</a><span> for the two most populous states. </span></p>
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<div>Population growth rates have slowed dramatically in the resources states and territories, including in Queensland (+1.3 per cent), and particularly in Western Australia (+1.4 per cent).<br><br>Meanwhile population growth in the Northern Territory has dried up almost completely (+0.2 per cent), and with net interstate migration away from the Top End reaching its most rapid level on record (-3,400) population 'growth' is set to turn negative in due course. </div>
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<div>Population growth has also slowed in another state which is suffering from a "brain drain" - South Australia - where net interstate migration of negative -3,000 has helped to pull the rate of population growth down to just +0.8 per cent, though it still needs to slow further.<br><br>The 'Festival State' has not created a single full time job on a net basis since 2007 and the result has been a horribly increasing rate of unemployment.</div>
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<div><strong><span style="text-decoration: underline;">Components of growth</span></strong></div>
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<div>Net overseas migration remains very strong in New South Wales (+67,000) and Victoria (+55,000), but has clearly slowed in the resources states as the mining construction boom begins to fade into the rear view mirror.</div>
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<div>The most interesting trend for me over the last few years has been to note just how few people have been choosing to leave Sydney and Melbourne for cheaper or warmer climes (refer to the net interstate migration chart below), instead opting to stay put for the relative security of their capital city employment.</div>
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<div>That said, I do know more than a few people - including myself, in fact - who have recently decided to relocate from Sydney to Brisbane.</div>
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<div>Brisbane is not only comparatively inexpensive, it also has a warmer climate and is considerably less crowded - and thus if the jobs market is creating the requisite employment it should be a no-brainer from my perspective!</div>
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<div>The data below shows that the trickle of Sydneysiders moving to Queensland <em>has </em>only been a trickle through this cycle to date, and most certainly not a flood.</div>
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<div>That said, net interstate migration for the March quarter into Queensland (+1,300) was plenty stronger than we saw in the prior corresponding period (+700) taking annual net interstate migration into the Sunshine State back up to +6,200 from its recent nadir.</div>
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<div><span>Totting that little lot up we can see in the chart below that population growth has slowed significantly in Western Australia (+35,300) and Queensland (+61,100), and has slowed further in South Australia (+13,900).</span></div>
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<div>On the other hand annual population growth remains supremely strong in New South Wales (+101,200) and Victoria (+97,500) despite the under-reporting of births over the past six months.<br><br><strong><span style="text-decoration: underline;">Housing supply</span></strong>
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<div>On an obliquely related note, although I can't remember exactly where I read it, somewhere this week was a piece which suggested that the construction of 10,000 apartments over four years at Sydney's Green Square would form part of a "tsunami" of oversupply in Sydney.</div>
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<div>I'm not sure if this was some kind of gee-up, but as you can see the in the figures above with the state population having increased by close to +400,000 over the past four years alone...I dunno, but I reckon someone's having a giraffe.</div>
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<div>Whatever the case, New South Wales has an existing stock of close to <a href="https://petewargent.blogspot.co.uk/2015/09/nsw-dwelling-stock-value-explodes" target="_blank">3 million dwellings</a>, and to my knowledge there has not been any recorded example of such a tiny fraction of additional construction having a material impact on a capital city property market.<br><br>Like London, Sydney is a city which is increasingly constrained in terms of its land supply in desirable locations, and is a city which is more or less permanently in a position of requiring new supply.<br><br>Now granted we're presently constructing proportionately far too many of those "shoebox" type developments - no arguments there - but as the Greater Sydney population continues to mushroom over time any such localised examples of oversupply will only ever be temporary in nature. </div>
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<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
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State population trends: Pete Wargent

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<p style="text-align: left;" align="center">The number of ultra-wealthy people in Australia is expected to rise by 29 per cent over the next five years, equivalent to an extra 1,085 people, according to Knight Frank’s Wealth Report 2020.</p>
<p>The data shows Australia’s ultra-high-net-worth-individual (UHNWI) population will rise to 4,881 by 2024, up from 3,796 in 2019, with more than 200 new ultra-wealthy people being created in Australia each year.</p>
<p>Australia’s ultra-wealthy population grew by 5 per cent in 2019 and by 35 per cent over the past five years.</p>
<p>At the same time, Australia’s high-net-worth-individuals (HNWI**) are expected to grow by 34 per cent over the next five years to reach close to 2.1 million. Currently, 50 million people globally are considered millionaires, with wealth of  US$1 million or more.</p>
<p>According to Michelle Ciesielski, Knight Frank’s head of residential research,<strong> </strong>Australia is forecast to have one of the highest rates of growth in UHNWI populations globally over the next five years.</p>
<p>“Australia is ranked equal 15th with Canada for the projected growth in UHNWIs out of 43 countries globally,” she said. </p>
<p>“Our projections are based on The Knight Frank Wealth Sizing Model which allows us to project the number of individuals in each wealth band in the future. We have utilised data including forecast growth in GDP, house prices, equity performance, interest rates and other assets that individuals hold. </p>
<p>“Coming off a number of years of solid growth in Australia, 2019 saw further wealth creation off the back of a resilient stock market and further capital gains in the prime property market. </p>
<p>“Although challenges in the local economy persist, there has been much more certainty and solidifying of the global economy coming into 2020.”</p>
<p>Knight Frank’s Joint National Head of Private Office Sarah Harding said, “On average 80 per cent of Australian UHNWIs saw an increase in wealth in 2019, well above the global average response of 63 per cent in the Knight Frank Attitudes Survey.</p>
<p>“Looking ahead to 2020, 63 per cent of Australian UHNWIs believe their wealth portfolios will continue to grow, which is optimistic when compared to the global average of 55 per cent.</p>
<p>“Australian UHNWIs cite the top three issues challenging wealth creation in 2020 as being the flow on from the global economic slowdown, negative interest rates or bond returns and the global trade wars. </p>
<p>“As a result, 92 per cent of Australian ultra-wealthy population are making changes to protect their wealth.” </p>
<p>According to Ms Ciesielski, “The number of ultra-wealthy people around the world is predicted to grow by 27 per cent over the next five years, with the population rising by 136,087 to just under 650,000. An additional 31,000 UNHWI were created in 2019, an increase of 6.1 per cent. </p>
<p>“Out of the top 20 fastest growing countries presented in the report, six are located in Asia, with India forecast to have the highest growth of 73 per cent.</p>
<p>“We expect Asia will be the world’s second largest wealth hub by 2024, with a forecast five-year growth of 44 per cent, but it will still be only half the size of North America’s ultra-wealthy population, which is forecast to increase by 22 per cent.”</p>
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Australia’s ultra-wealthy population projected to rise 29 per cent: Knight Frank

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<p>CoreLogic observed that over the 12 months to December 2018, the estimated residential population of Australia increased by 1.6% or by 404,783 persons; the largest increase in raw number terms since September 2017 and it was also the third consecutive quarter in which the annual population increase trended higher.</p>
<p>Looking at the two components of population growth at a national level (natural increase and net overseas migration) they found that net overseas migration remains the primary driver of population growth.</p>
<p>Over the year, natural increase was recorded 156,337 persons, the highest it has been since March 2015 and 8.5% higher than in December 2017. Net overseas migration was recorded at 248,446 persons, the highest it has been since September 2017 and 2.8% higher than the previous year.</p>
<p>Across the states and territories, net interstate migration is also a contributor to population growth.</p>
<p><strong> <img src="https://www.urban.com.au/images/2019/6/27/Pop%20growth%201.JPG" alt=""></strong></p>
<p><strong>NEW SOUTH WALES</strong></p>
<p> With an estimated population of 8,046,070 persons, the population has increased by 123,813 persons or 1.6% over the past year, which is in-line with the national rate of growth. The 123,813 person increase was the greatest since September 2017 and was made-up of natural increase of 53,711 persons, net overseas migration of 91,999 persons and a loss of 21,897 persons due to net interstate migration. Natural increase of 53,711 persons was the greatest on record while the 91,999 persons increase due to net overseas migration was the largest increase in 12 months. The loss of 21,897 residents due to net interstate migration was slightly lower than the previous quarter but up from 19,299 persons a year earlier.</p>
<p><strong><img src="https://www.urban.com.au/images/2019/6/27/Pop%20growth%202.JPG" alt=""></strong></p>
<p><strong>VICTORIA</strong></p>
<p>The estimated population increased by 2.2% over the 2018 calendar year taking it to 6,526,413 persons with an increase of 139,430 persons over the past year. The 139,430 person population increase consisted of natural increase of 40,256 persons, net overseas migration of 85,965 persons and net interstate migration of 13,209 persons. Although the population continues to increase rapidly, both net overseas and net interstate migration are lower than they were a year ago and natural increase is higher than a year ago but lower than the previous quarter.</p>
<p><img src="https://www.urban.com.au/images/2019/6/27/Pop%20growth%203.JPG" alt=""></p>
<p><strong>QUEENSLAND</strong></p>
<p>The estimated population increased by 89,905 persons, or 1.8%, throughout 2018 taking the estimated population to 5,052,827 persons. The 1.8% annual increase in population was the largest since June 2013 and consisted of increases of 31,070 persons due to natural increase, 35,039 persons due to net overseas migration and 23,796 due to net interstate migration. Natural increase was the greatest it has been since March 2017, net overseas migration was the greatest since September 2013 while net interstate migration is the highest of any state it has slowed for two consecutive quarters and is the lowest since December 2017. </p>
<p><img src="https://www.urban.com.au/images/2019/6/27/Pop%20growth%204.JPG" alt=""></p>
<p><strong>SOUTH AUSTRALIA</strong></p>
<p>With an estimated 1,742,744 residents, the population increased by 0.8% or 14,585 persons throughout 2018. The 14,585 person increase included natural increase of 5,490 persons, net overseas migration of 13,319 persons and a loss of 4,224 persons due to net interstate migration. Natural increase was the greatest it has been since June 2017, net overseas migration was the greatest it has been since June 2010 and the outflow of residents to other state and territories was the slowest it has been since March 2015.</p>
<p> <img src="https://www.urban.com.au/images/2019/6/27/Pop%20growth%205.JPG" alt=""></p>
<p><strong>West Australia</strong></p>
<p>Over the 2018 calendar year the estimated population increased by 23,961 persons or 0.9% to take the total population estimate to 2,606,338 persons. The 23,961 person increase over the year is well down on the peak of the mining boom when WA added 73,922 in 2008. The 23,961 person increase over the past year was made-up of natural increase of 18,601 persons, net overseas migration of 14,863 persons and a loss from net interstate migration of 9,503 persons. Natural increase was the lowest it has been since September 2009, net overseas migration was the highest it has been since December 2014 and the loss of residents to other states and territories was the smallest since March 2016.</p>
<p><strong><img src="https://www.urban.com.au/images/2019/6/27/Pop%20growth%206.JPG" alt=""></strong></p>
<p><strong>Tasmania</strong></p>
<p>The population increased by 1.2% over the past year or 6,499 persons which was the largest annual increase in population since September 1990, taking the estimated population to 531,529 persons. Natural increase was recorded at 1,260 persons, the greatest it has been since December 2016. Net overseas migration was recorded at 2,717 persons, the greatest it has been since September 2017. Net interstate migration was recorded at 2,522 persons, the greatest it has been since June 2004.</p>
<p><strong> <img src="https://www.urban.com.au/images/2019/6/27/Pop%20growth%207.JPG" alt=""></strong></p>
<p><strong>Northern Territory</strong></p>
<p>As at December 2018 the estimated population was 245,854 persons which was actually a reduction in population of 1,010 persons over the past year. While natural increase was recorded at 2,680 persons and net overseas migration at 526 persons. NT lost 4,216 residents due to net interstate migration causing the overall population to fall. Natural increase was the smallest since December 2005, net overseas migration was the smallest since September 2003 and the loss of residents due to net interstate migration was the largest on record. </p>
<p><img src="https://www.urban.com.au/images/2019/6/27/Pop%20growth%208.JPG" alt=""></p>
<p><strong>Australian Capital Territory</strong></p>
<p>The population increased by 1.8% or 7,574 persons throughout 2018 taking the estimated resident population to 423,811 persons. Over the year, natural increase was recorded at 3,247 persons, net overseas migration of 4,014 persons and net interstate migration of 313 persons. Natural increase was the lowest it has been since September 2009, net overseas migration was the lowest it has been since December 2016.</p>
<p> <img src="https://www.urban.com.au/images/2019/6/27/Pop%20growth%208.JPG" alt=""></p>
<p>The data shows that the national population is still growing at a rapid rate despite recent moves to lower permanent migration. The population of NSW and Vic continues to grow by the greatest amount. Population increase in NSW is primarily driven by natural increase and net overseas migration, accounting for 37.0% of national net overseas migration. Vic has seen 34.6% on net overseas migration nationally over the past year and has also recorded the second highest rate of net interstate migration (behind Qld). Vic, Qld, Tas and ACT are seeing a positive rate of net interstate migration as more people arrive from interstate than leave. Over the coming quarters it is expected that similar trends will continue with strong population increases in NSW and Vic driven by overseas migration and strong rates of net interstate migration for Vic and Qld. Of course population growth, particularly migration, is a proxy for housing demand. High levels of migration mean increased demand for housing which is a factor that should assist in putting a floor under the recent declines in dwelling values (particularly in Sydney and Melbourne). Furthermore, increasing populations should also assist in the absorption of the large volume of apartments under construction in Sydney and Melbourne.</p>
<p><em>CAMERON KUSHER is the head of research for the Australian branch of CoreLogic</em></p>
<p><em>Kusher regularly posts on the <a href="https://www.corelogic.com.au/news" target="_blank">CoreLogic website</a>.</em></p>
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Australia's population grew over 400,000 in 2018: CoreLogic's Cameron Kusher

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<p>EXPERT OBSERVER</p>
<p>More people are deciding to call Australia home – if not permanently, at least for longer than a year. The lift in permanent and long-term arrivals reflects a perception of Australia as a great place to live and work – a country with a high standard of living and great opportunities.</p>
<p>Over 115,000 foreigners came to Australia as a “permanent or long-term arrival” in February. While February is seasonally a peak time for migrant inflows, the annual total of 844,800 is also a record high and up 11.4% on a year ago – the strongest growth in 20 months. </p>
<p>In February there were also 40,740 Aussies deciding to move overseas either permanently or for more than year – the lowest level in four months. Over the year to February the net number (arrivals less departures) of permanent and long-term arrivals hit a five-year high of almost 300,000 people. While studying, working or travelling, the ‘new Aussies’ will contribute to spending and demand for accommodation. </p>
<p>The new migrants boost employment in the short-term but provide the strongest contribution to economic output the longer that they are in their positions (as the case of all new employees). This highlights the fallacy of the recent ‘per capita’ discussion – more a reflection of a timing gap. </p>
<p><strong>Tourism</strong></p>
<p>Tourist arrivals rose by 0.9% in February, the strongest gain in five months. Aussie tourist departures fell by 3.3%, the biggest fall in almost two years. </p>
<p>Over the year, arrivals were up by 4% and departures were up by 3.7%. In February, tourists from Greater China (China and Hong Kong) totalled 141,800 (mainland China 115,600; Hong Kong 26,200), ahead of New Zealand (124,800). </p>
<p>China is the largest source of tourists to Australia. Over the past year a record 1,451,600 tourists came to Australia from China, up by 3.9%. </p>
<p>Tourists from New Zealand totalled 1,400,200 visitors over the past year, up by 3.0%. A record 364,300 Indian tourists travelled to Australia over the year to February, up by 16.7% on a year ago.</p>
<p>In February, there were record tourist inflows from New Zealand and India. And in the month a record number of Aussies travelled to India.</p>
<p><strong>Migration</strong> </p>
<p>In February there were 115,100 permanent and long-term arrivals in Australia. The annual number of permanent and long-term overseas arrivals rose to a record high of 844,800 in February, up by 7.3% over the year. </p>
<p>In February there were 40,740 permanent and long-term departures from Australia. The annual number of permanent and long-term overseas departures fell from 546,310 to 545,610 in February but were still up by 5.2% over the year. </p>
<p>Net permanent and long-term arrivals stood at a five-year high of 299,100 in the year to February, up 11.4% on the year.</p>
<p><strong>Chinese inflation</strong></p>
<p>Consumer prices rose by 2.3% in the year to March (forecast: +2.4%), after lifting by 1.5% in the year to February. It was the highest annual rate for consumer prices in five months </p>
<p>Consumer prices fell by 0.4% in March after rising 1.0% in February. Food prices fell by 0.9% to stand 4.1% higher than a year ago. Non-food prices fell by 0.2% to stand 1.8% higher than a year ago. </p>
<p>Producer prices rose by 0.4% in the year to March (forecast +0.4%), up from 0.1% in year to February.</p>
<p><strong>What are the implications for interest rates and investors?</strong> </p>
<p>Australia is rightly regarded as a great place for study, work and travel. The continued growth of short and longer term arrivals is good news for a raft of industries such as retailing, tourism and higher education. </p>
<p>The lift in Chinese inflation is encouraging as a weak economy would be more likely to have deflation issues. Chinese consumer price inflation is near a 2% annual rate, like a raft of economies at present.</p>
<p>CommSec expects the cash rate to remain unchanged for the foreseeable future.</p>
<p><em><strong>CRAIG JAMES</strong> is the Chief Economist of CommSec</em></p>
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Migration to Australia is at record highs: CommSec's Craig James

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<p>GUEST OBSERVATION</p>
<p>Australia is, apparently, in the midst of a population “crisis” – just this month, we passed the milestone of 25 million people. The nature of the crisis depends on the day and who you ask. Size and growth have become an increasing public preoccupation, particularly as immigration has held firm over the last 12 years as the major contributor to population growth.</p>
<p>Australia’s workforce is shrinking due to population ageing. This puts more pressure on young people to contribute enough personal income tax to fund the Australia we’ve become accustomed to. Immigration is one way to ensure Australia has the labour force it needs to offset the financial challenges of an ageing population.</p>
<p>But the population and population growth is unequal across Australia. The Turnbull government has signalled it will introduce a population policy (of sorts) by the end of the year. This will reportedly focus on settlement of immigrants in regions outside major cities.</p>
<p>The problem is that many people are conflicted about whether the population should continue to grow at all. A population policy offers a way for the country to be prepared and respond to the current and future needs of Australians. So, what would a good population policy look like?</p>
<p><strong>Well-being, not control</strong></p>
<p>The difficulties of the breadth of population-related matters in policy can be overcome, or at least minimised, by having a minister or agency with oversight over the progress of the population framework. The framework, which would include measurable indicators, would report and monitor success towards population-related well-being. This could provide an opportunity for the public to be involved and remain informed.</p>
<p>Population policies are usually focused on the components of population change: births, deaths and migration. Many people hold the mis-perception population policies are about control, and this isn’t surprising given the restrictive population policies in China.</p>
<p>But contemporary population policies, for countries like Australia, are less about controlling numbers and more about ensuring population well-being. The core tenet of a population policy for Australia should be about the population’s quality of life, now and into the future.</p>
<p>Health and education are central to quality of life. Babies born today or in the future should receive sufficient government investment to have a good start at life, particularly with respect to health and education. This means adequate housing and welfare support for families and children, quality equitable education and accessible and affordable health-care.</p>
<p>Gender inequality – both at home and in the workplace – are important elements to the population policy puzzle. Childcare and family support payments are crucial to population well-being, particularly among working parents.</p>
<p>A contemporary population policy for Australia should also include considerations of the use of land for agriculture, mining, water consumption and sources, and the degradation of natural parklands. Mandated environmental behaviours are overdue, and crucial to food and climate security.</p>
<p><strong>Not the size that matters</strong></p>
<p>Focus on population growth rates and size belies the nuances of the population context. It’s not size or growth that matters, but the characteristics and distribution of the population.</p>
<p>Strategies that seek to attract and retain populations outside the city limits will take the pressure off cities with the highest growth – such as Melbourne, Sydney and Brisbane. And these strategies shouldn’t just consider immigrants are beneficiaries of settlement incentives — Australian locals could participate in such a scheme.</p>
<p>Essential services, such as schools and hospitals, are based around populations. That is, hospitals are built where there is already enough demand. Yet adequate infrastructure must already be present for viable communities in regional areas to attract people to move there.</p>
<p>A settlement strategy could also incorporate investigations and investments in the way Australian towns and associated infrastructure can best support communities. This can include such things as employment opportunities, appropriate housing, transport and telecommunications.</p>
<p>Nhill, a town in the Wimmera region of western Victoria, embarked on a strategic resettlement program for a group of Karen refugees from Myanmar in 2010. A report by Deloitte Access Economics showed an estimated increase of more than A$40 million in Gross Regional Product over five years as a result of this strategy. This serves as a good example for how community and industry can work together to attract people to help bolster local business.</p>
<p><strong>A policy is long overdue</strong></p>
<p>Population ageing means we need to take action now to guarantee Australia’s future social and demographic sustainability.</p>
<p>Australia is long overdue for a sensible strategy for the future. Australia doesn’t need an immigration plebiscite (or even consensus) or another population inquiry to advance a population policy. We need evidence based decision-making which will ensure sustainability and quality of life into the future.</p>
<p>Public consultation and government-commissioned quality research to inform the future needs of the migration program will ensure the parameters of population policy are right for Australia.</p>

<p>A population policy for Australia should provide a blueprint for the future; a framework for what the nation aspires to be, and achievable goals to get there.</p>
<p><em><strong>Liz Allen</strong>, Demographer, ANU Centre for Social Research and Methods, Australian National University</em></p>
<p><em>This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/heres-what-a-population-policy-for-australia-could-look-like-101458" target="_blank">original article</a>.</em></p>
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Here’s what a population policy for Australia could look like: Liz Allen

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<p>The State Infrastructure Plan produced by Infrastructure NSW (INSW) while outlining a forward program of projects has raised concerns about the ageing population in NSW.</p>
<p>The detailed plan by Infrastructure NSW raises concerns about the fact that the NSW population is getting older and this will reduce income from taxation.</p>
<p>The number of people over 70 will increase by 85 percent by 2036 according to INSW. This will increase health services by 50 percent while less people will be contributing taxes.</p>
<p>A fundamental change will occur in how Sydney siders operate over the next 20 years with INSW predicting that train trips will almost double from 1.1 million now to 2.1 million in 2036.</p>
<p>Surprisingly INSW predicts that electricity consumption will only increase by 2 percent by 2036.</p>
<p>INSW calls for the government to make better use of government owned land in terms of development.</p>
<p>They have recommended that the Department of Planning and Environment establish by 2020 a housing and employment supply pipeline to ensure a 5 year supply. This will require action on zoning and on the development pipeline.</p>
<p>One recommendation (No 12) by INSW is that Major Project Planning approvals must be improved as they take too long and this adds to the cost.</p>
<p>The Urban Taskforce agrees totally with INSW that major projects need a much better approval process that the current slow and complex process.</p>
<p>They also call for ways to reduce bid costs for major project procurement.</p>
<p>INSW raise concerns about value capture by saying ‘In most cases it will not have a transformational impact on the funding equation.'</p>
<p>There is some visionary ideas about the use of digital data with suggestions that NSW could learn from Singapore in this regard.</p>
<p>With over 100 recommendations, mainly to other NSW Government agencies, there is a lot of content in the State Infrastructure Plan and its repeated references to the Regional Plan for Sydney and the Transport Plan for Sydney and for NSW.</p>
<p>It is good to see a number of NSW Government agencies working together.</p>
<p>The Urban Taskforce is keen to work with all of the NSW Government agencies to ensure Sydney grows in a sustainable manner.</p>
<p>Chris Johnson is the Urban Taskforce CEO</p>
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