Inflation & the Banks | Q+A
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- เผยแพร่เมื่อ 16 ก.ย. 2024
- Amy Brown asked the panel of politicians when they’re going to “act on behalf" of the constituents who elected them, and discussed with the panel some of the frustrations the younger generation are experiencing.
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Panellists: Labor Member for Higgins Michelle Ananda-Rajah, Liberal Member for Flinders Zoe McKenzie, Independent Senator for ACT, David Pocock , Independent Senator for Tasmania Tammy Tyrrell and Greens Member for Griffith Max Chandler-Mather
This episode was broadcast on Monday May 22, 2023.
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This debate is nasty just rich people telling poor people it's their fault. I hope Australia can wake up and care about the poor and working class in their own communities.
They never will, each Govt will give the company and corporations a tax break. The working people get taxed more than a company or corporation.!!!
It is though.
It's not distress. It's rage
If ever an example of Michelle Ananda-Rajah's inability to read the room...
Amy & David are spot on, and when one peruses corporate business models, govt policies, spending, legislation, taxes, Super, Pensions, etc... you can easily see that the entire system revolves around corporate profit margins and the mega rich getting richer.
Essentially, we dont have a democracy anymore, if we ever did, we have a corporate oligarchy that uses MPs as their puppets to fool the average person into believing that we have a true democracy, when in reality the vast majority of MPs, with some exceptions, are using their time in parliament to bolster their personal fortunes and further the interests of their corporate benefactors until they retire and are given cushy corporate gigs while still receiving their 6 figure govt pensions... PLUS benefits.
The funny thing is, Im good friends with several retired Fed & State MPs who tried really hard for many years to do the right thing by their constituents, and all of them have told me about the "game" that they had to play when they first got there, and the "rules" they had to follow, otherwise they would be shut out by their own Party and they would lose support and their seat.
It is nice to see some of the "Teals" winning seats, I dont know much about them yet, and time will tell if this is a developing pattern fighting against the corrupt nature of Aus politics, or if its just a part of their game...
Amy is 💯 right
Riots when?
Nutter, look at those wild eyes
@@KurtlesDude very scientific approach. But maybe we should wait for the phrenology report before we pass judgement.
@@ShishakliAusHopefully never. That’s not an answer.
Do you think she has been fiscally responsible in her life?
"We understand that people doing it tough"... While we sit on 6 figure salaries, with a few investment properties and a healthy share portfolio; along with many public funded perks.
"I can only afford to send my children to a second tier private school; and only this week I could only afford to buy 6 bottles of French champagne".
Give me a break!
"Higher wages lead to higher inflation" . Really?
Wages haven't risen in over a decade (in fact they have gone backwards); yet inflation continues to rise.
Could it be that the rise in the cost of living is driven by the increasing profits of the banks and large companies... (a.k.a. price gouging)?
Put away those economic textbooks from 50 years ago folks and get with the times.
Inflation is caused by the greed and avarice of the wealthy and those who facilitate them (politicians).
If you believe that politicians are there to look out for you; I have some bad news for you.
Money is imaginary.
It only exists because we agree ..
Hit 100k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 8k in June 2022
@@derrickman925 That's his official wats app number ✍️
If I had not experienced this myself I would have said this is all lies but I've made withdrawals a few days ago and that's one thing I find difficult and impossible with other brokers but Mr Charles is the best ...
Oh 🥺, how can someone get to speak with Mr. Charles Lucas?
Any link to reach Mr Charles?
He's on What's Apk, 👇
Negative gearing has to go ( costs Australian tax payers millions) and rental caps need to be introduced.
Rental caps could be disastrous and aren't a real solution. They would be, at best, a temporary band-aid. I wish the government was clearer about the advice it's received on this point.
The problem here is that the only true solution is to increase supply. But that a) can't be done quickly and b) is largely the remit of the states, not the commonwealth.
Unfortunately that's the reality. But I think the combination of misunderstanding and walking on eggshells means that we aren't really having this conversation in a mature and rational way.
You can't just remove that without destroying people. I am for phasing it out, but not taking it away from people that have relied on it.
@@emcats84 Negative gearing only benefits those who are already in a high income bracket. Have legislation to scarp it one or two years in the future. That'll give those people more than enough time to sell their excess properties.
@@fredttv Wrong. I know many working class families that have benefitted. Newsflash: You're living in an bubble of ignorance.
Also, economic cycles, and particularly, the housing market doesn't work with that timeframe. You'd need a decade to phase it out.
We need a Teal-like movement based on challenging/removing all candidates not willing to get rid of negative gearing.
Ahahahahahaha. What is it with you lot?
Scrap the major parties, they are in pockets of big corporations. Time to vote for independence who listens to the people. Time for having democracy again where the government works for people, not just the rich
we don't need democracy we need modern day communism, abolish money and focus on community, would solve alot of problems
The real problem is that no Australian political party is going to imperil the ever ascending direction of land prices, so governments are locked into the current system, with the middle class paying for it, the poorer classes being deeply marginalized and the wealthy just keep on getting wealthier. Perhaps the younger generations will band together at some stage and force a change in this system. It's just going to get more and more difficult to find an affordable home as we move forward.
Money is imaginary.
It only exists when it's agreed to.
Understand this;
*** No Help is coming. ***
You better figure out fast how to survive in these times. >Because no one is coming to save you.
This is a ridiculous and pessimistic attitude. "No help is coming" - oh really? So increases to welfare payments don't amount to help? Increasing housing supply doesn't amount to help? Support with power bills doesn't amount to help?
C'mon, don't be so silly. You can argue that these things don't help *enough* or that they aren't the right measures, that's fine. But this doomsayer attitude is not something people should adopt, because it creates more problems than it solves.
Where can I watch the full Q&A?
These reps have no idea how to respond. They don't work for the people anymore and until we the people get rid of corporate media and hold governments accountable (what happened with a watchdog with teeth?) we will never get the Australia we dream of.
The reality is we had the chocie as a country to repeal the Stage 3 Tax cuts and Negative Gearing but we didn't. We voted for party in support of these things in both 2019 and 2022. The sad reality is that until we vote for party which support these things at elections they will not do these jobs.
Even if you do these things... There will be FRUGAL hard working people, investing their money and still rising above the middle class and becoming rich.
The rest of you partying happy hours in the city, going on yearly holidays, driving new cars, dining with friends, fancy clothes, credit cards, buy now pay later, FEELINGS before LOGIC thinking... will always be poor in debt and complaining about the inequality of life.
Letting people keep their own money isn't a bad thing
@@j.kapiris Giant corperations are not people.
Tired of listening to the guy who whinge about paying 750 bucks on his properties! He has 80 properties. Older people with properties get a tax break!!?? 🤔🤔🤔😳😳😳
Hey raff, one very important fact people who raise this point leave out. 5% of 76,500 (mean house price 1980s), compared to 5% of 1Million!
Just think about that for a minute..
I also only used to earn 101.00 dollars a week not 1500 or more ,it certainly is harder now but its always been hard ,give up uour holidays,uber eats etc and you yoo can have a house ,its always required sacrafice for most people, already you cant live like a king and also afford your mortgage its a choice.
@@raffg8185 In 1962 you could buy land in Ferny Grove for 95 pounds, 20 minutes from the Brisbane CBD, within walking distance to the train station. The average weekly salary was 36 pounds. After inflation that's $3100 and $1200 respectively.
If I could pay off a property 20 minutes from any CBD with three weeks of my salary, ten weeks if it's a third of my salary, I will be ecstatic to pay 20% interest. I would be over the moon to pay 100% interest. I would jump through fire hoops to pay 500% interest. Because you know what? It'd be paid off within 1.5 years even at 500% interest, using only a third of ones salary.
So all this entitled talk of "but we had high interest rates", go away. Either that or buy me a 400 square metre block at the far end of Ferny Grove like is currently advertised for about $550k. I'll happily pay a third of my salary for a whole 1.5 years for it (or save up and pay it off sooner), should any boomers want to take me up on that. I mean it's 20 times a worse deal than they got (500% interest vs. 25%), so why wouldn't they take me up on that deal.
@@raffg8185 So, you in? I'll take a 20 times worse deal in terms of interest rate than you might have gotten in 1962, even after accounting for inflation. Put your money where your mouth is?
@@raffg8185
My parents house in 1980 cost them $54K, and the average wage was about $14k a year, their house is now on the market for $650-$700k and the average wage is now around $70k, the difference is HUGE, wages have gone up around 4-5 times what they were, but house prices have gone up 12-15 times, not to mention the cost of living. Once upon a time families could have the Aussie dream with ONE wage earner, but these days millions of families cant do it with TWO parents working full time...
You dont seem to comprehend or are ignoring the fact that inflation and real-estate prices have risen MUCH higher than wages have over the last 40 years.
I suggest you turn the clock back and live in the 80s or 90s to see how hard it actually was, I left school in 91 and was unable to secure work, there was very little public transport, and I had no money to buy a car to even look for work. When I finally secured work months later, the employer was so bad they would turn the fridge off in the middle of summer with your water and food in it just to save power. Lots of customers saw how I was treated badly and not one person reached out, all they saw was the amount of money they paid for the service provided. I learned a good lesson, the lesson of don't expect anyone to wipe your butt for you, especially the govt.
Amy reminds me of Katie Porter...
She just needs a whiteboard!
Economic investigator Frank G Melbourne Australia is still watching this very informative content cheers Frank ❤
Good on her for standing up to them.
Scrap Negative Gear.
Stop investors from buying family homes 3 bedrooms plus.
Make it illegal for property developers to stagger building to artificially create demand
Good luck with that mate
The joys of living in Australia 🇦🇺
All these problems which were fantastically articulated by that young woman are not going to get resolved by the major political parties. They are the ones who facilitated these problems on behalf of the rich. The political system has been captured and the only way forward is independents.
She's great. And right.
Politician is another word for LIAR! Only way to make them honest is with your VOTE!
Thanks Stan, I will miss you
2:40 vote one nation instead of teh greens and your problems will be solved
untill then your just a traitor whose complaining
Add the tax cuts to the voice referendum
None of this will matter when the full effects of climate change kicks in 😢
Tony abbot and the Liberals set us back the ten years we needed by spreading CCdenial on every tv talk show morning noon and night
😅😅😅😅
Anyone notice gas smell like politics
The action of government makes the rich richer
The rich tell parties what they want and pay them to sell it to us for votes
Never good to get too emotional. Quick loss of respect.
Amy has no idea what has actually been delivered.
This lady supposedly wants an answer and when she is being given it she interrupts. You asked your question, let then explain why they stand the way they stand.
She was a bit unhinged
She treated their responses appropriately. If you don't respect the question enough to answer it properly without a political dodge, she needn't respect the non-answer.
I assume you didn't enjoy it because a female was given air time and was bossy....
@@reversetops what does gender have to do with it? The questioner kept cutting off a perfectly reasonable response from the minister. It wasn't spin, she was trying to respectfully engage in the question and provide an answer. It is an important question and I (and many others I am sure) would have liked to have known the answer (given by a woman mind you).
$150k is basically a middle income these days. I am on about that much and I need the stage 3 tax cuts. Low income earners don't get a tax cut because they pay almost no tax to begin with.
Blue hair, now that’s surprising
*Amazing❤️🙌Being able to provide all my needs without the help of the Government is really a dream come through and I’m getting $50,000 returns from my 10k investment, Glory to the everlasting God almighty.*
FFS😢
Amy is all millennials. Amy for PM!
Speak for yourself. I like to think I have my emotions under control. Squawking on national tv has changed absolutely nothing.
@@SeanDon89 If your emotions are under control you either don't feel any or aren't paying attention
Channel your anger to find rational solutions instead of shouting on tv and thinking you’ve done something because you received applause from a group of trained seals in the audience. People like Amy are the types to shout through megaphones and glue themselves to pavements but absolutely zero changes.
@@SeanDon89 you should be more upset
@@SeanDon89it changed more than your youtube comment. Did using the word squaking convey enough demeaning sexism towards her or did you want to double down with something more creative and less emotional?
I’m sorry, Amy isn’t right about inflation. But that doesn’t mean we should proceed with the stage three tax cuts in their current form either. I think there’s a lot of emotion around this discussion but little room for a calm, evidence-based discussion.
hard to be calm when you fighting for your life and livelihood. while the others shift blame and responsibility
@@finfondler998 I understand the emotion, I really do. But what's happening here is an emotional discussion/argument and not a rational discussion/debate. At the end of the day, what do we really want? We want these problems to be solved, right? How do we get there? In my mind, we get there through discussing the facts, figuring out the solutions, and calling out the tradeoffs.
I think one problem here is that a lot of people don't understand that the government doesn't actually have access to unlimited money and that tradeoffs have to be made all the time.
Of course, we can debate what those tradeoffs are/should be. That's fine. But we also have to talk about the real consequences of making those tradeoffs too.
If you don't take into consideration human emotion when making an argument than your argument can neither be rational or logical.
@@gabrielleshaw4865 I don't think anyone is saying we should totally disregard human emotion. That seems unrealistic, at the very least.
But I think we just should recognise the difference between emotional responses and the actual facts/practical implications of policies. Ideally, all of these things should be considered together. I definitely think emotion is relevant, we just have to first agree on a set of facts.
Michelle Ananda-Rajah comes across as weak and ineffective. The honeymoon is over for this government.
Amy really needs to take a chill pill!!
No, people need to get up off their asses and protest this shit. Stfu.
Why did this finish just when it started getting interesting.
The fist girl that spoke . What, as a millennial, makes you any different from anyone else? Do millennials warrant special treatment ? I like the question, but she seems to expect special treatment denied to others because she is a millennial.
We want to pay something closer to about 3.5 times our annual income for a house, like in the mid-80s when us millenials were born. Not 12 times like is happening in Sydney now. The "special treatment" being asked for is for an elected politician to enact certain economic policies to try to move things in that direction. Agree or disagree with the policy, asking for a modicum of representation in a representative democracy as shown here isn't "special treatment", it's our democratic right. And even in a non-democratic society, changing economic policies in response to events and circumstances seems like a thing governments should do. Your only argument boils down to be essentially saying 'shut up' to ever changing anything in response to anything ever.
@@quinks Isn't EVERYONE trying to buy a house subject to the same conditions? It is hard, friggin' hard, I agree. But wanting special treatment like spoilt little kids ? Mummy said so. What difference does being called a millennial make ? Forget all the terms made by and for marketers. Ignore those arse holes.
Your democratic right to get special treatment because of the name given to you my marketing people ? Try again mate.
If it is not special treatment that is expected why does she say say "as a millennial"? I agree with your points, strongly agree, but quit the "as a millennial" tears, PLEASE.
@@petefluffy7420 We are people who were born at a time when housing affordability was many times better than when we started being working age. If you have another moniker that describes that circumstance I'm sure it'll be a good one, but it affects essentially all of our generation so broadly that we might as well just use our generational name. You're absolutely right that it is unfair, particularly for the generations that follow us, but then again they weren't even born in any era of affordable housing, so for them it's always been hopeless. And I didn't use "millenial" in any sense, other than to refer to the mid-80s. If it was a moniker we could pick or choose, or a social group that we could join or leave then it might be sensible to complain about millenials. But we're the age we are, I can't change that.
@@quinks And you think you deserve special treatment. Nor were you born at a time of hardship as compared with today. Not been subject to conscription for war, not been under the threat of nuclear war. it is hard, yes, but you're not any different to others, the problems you face are different, that's all. At least the problems you face are not lethal, just financial. STOP PLEADING FOR SPECIAL TREATMENT.
You never paid 19-21% interest either and likely never will.
Those same people in the 80’s also likely didn’t have a job that can easily pay 70-100k p.a
Open dialogue is fine but you need to use proper facts rather then stuff you simply hear from media outlets.
The population has also doubled since the 1980s… and if you adjust house prices of 1980s to now they have increased in line with materials costs / labour costs etc.
You can’t think that house prices won’t go up when it costs 400k to build a basic home and that’s before you even buy the land.
Hey millennial, interest rate January 1990… 🤔
Really didn’t make an argument here other than anger and assertion of self interest
Sell me a house at 1990 prices, add CPI inflation since then and make me suffer 1990 interest rates and I'll happily take you up on the offer. If you want to make it even more realistic, sell me the house at 1980 or 1985 prices as odds are I'd be in the middle of a home loan when that interest rate hit.
@@quinks Work harder
@@Herbert12864 I'll work as hard as someone in 1990 would have. No scratch that, I'll be 100% more productive than someone in 1990 while asking for no extra salary after inflation. Because that's the current reality anyway.
I was born in 1988.
@@quinks It’s a steeper climb to homeownership. But it’s the same for everyone unless they have help from parents.
Lack of supply is the issue for housing. And inflation is not the fault of businesses. It is the printing of more money and high Government expenditure.
It's both, but lockdowns crippled everything across the board.
@@fattlane1866 Sadly, the economy was cooked long before that.
There's more than enough houses in Australia, the problem is that they're in the hands of the wealthy few
@@timewarpblackhole Wrong.
Mate, not sure it's lack of supply, otherwise people wouldn't be having more than one investment properties. It's about affordability. Even if supply increased those properties would be snapped by people who already own several properties, taking advantage of equity built, NG etc
A white woman with blue-hair is angry....
I'm in shock 😅
Stop expecting government to help what you are personally responsible for doing yourself. Grow up and talk or control of your life.
&.5 percent interest thats nothing ,was 21 percent when i bought my house ,get a clue interest rates were never going to stay at record low levels for ever .Also every poly has been paid for and does not care about you in the least.
you should read Jeremy's comment, differnece betwwen .5 of 100,000 and .5 of 1,000,000 is 10X and then add on top what was the cost of fuel, food, ect?
Totally agree.
1990 interest rate 17%~ variable rate: Avg Salary 27k / Avg House cost 184k - 6.8 times the salary
2023 Interest rate 3.85% ~ variable rate: Avg Salary 90k / Avg house cost 1.1 million - 12.2 times the salary
This is an assumption but a 300% avg increase in salary over a 30 year period on a 30 year loan taken in 1990, would make it easier to pay it off?
Politicians wages went from 58k in 1990 (118k real prices Dec. 2019) to 211k in 2020.
We reap what we sow.
Your missing the point it's the percentage of take home wages for a mortage repayment is the issue not the interest rate but the rate of wages growth against interested in 1990 it increased 4 to 5% compared to the stagnation of 3% when productivity increased 10%. Plus the cost of stamp duty and the initial deposit a 10% (best case) requires 2.17 times the saving period not accounting for the increasing cost of living issues and rental prices increasing 24% this year. So we can't even save. Since 1990 housing has increased 6.6x vs wages at 3x to fy2022. And yes this is the short answer I'll get out my excel and a sensitivity analysis, negative gearing and land banking. Don't be so dismissive on the face value of your neighbours concerns and problems try helping.
@@quinks except in 1962 uou eould gave been earning a few pounds a week max do stupid.
Bank profits through the roof continually...
You'll always struggle when you choose to colour your hair blue or pink.