What is happening with the Australian economy? | 7.30
ฝัง
- เผยแพร่เมื่อ 17 พ.ย. 2019
- What’s happening to the Australian economy? Despite record low interest rates, low unemployment, booming exports and high government spending, the economy is barely growing.
For more from ABC News, click here: ab.co/2kd3ALi
If you're in Australia, you can watch more ABC News content on iview: ab.co/2kKaXKn
Subscribe to ABC News In-depth: / abcnewsindepth
For breaking and trending news, subscribe to ABC News on TH-cam: ab.co/1svxLVE
You can also like us on Facebook: / abcnews.au
Or follow us on Instagram: / abcnews_au
Or even on Twitter: / abcnews
People just don't have money to spend. Prices go up but wages don't. Everyone's money just goes on paying off bills and debt
Matt Wood yep spot on
'People just don't have money to spend', and they still voted for ScoMo!?!
The economy in Oz is designed to benefit the Rich at expense of all the rest. This can "work" for a decade or two, but then the economy stalls, before starts shrinking, what we're soon going to see.
Let's also not forget the bloody "robodebt".... got more than 2k taken out of my tax return for some robodebt more than 6 years old... 😐
This is how the middle class dies.
My case hear in Germany, our wages had been the same for the las 7 years,but are bills had increased 20% in the same period. Nevertheless Angela Merkel say we are living in a prosperous times.
Aussies are not spending because they no longer have the spare cash.
nemian618 for sure ...Harvey Norman wonders why we don’t buy TV’s ...people have 4 TV all ready and no more money !!!!
Western union. Money sent overseas to family instead of being spent locally. Just saying. .
Too many loans / credit cards.
nemian618 all money is being sucked into repaying astronomical mortgages. The money goes back to the banks who relend it for, you guessed it, more over priced houses. There is no money going into the other more productive sectors of the economy.
@@charlie-ot5ug Ummm... no. Give me the figures that you base this claim on?
Don’t portray this as some sort of weird unknown economic phenomenon. The facts show the clear picture.
Wages in real dollars have stagnated for so long causing a drop in consumption as the cost of living increases. Following suit, investment drops and so does the rest of the economy.
This explains the low inflation, low unemployment and low growth.
This ‘weird’ phenomenon that the media wishes to portray is directly caused by skyrocketing company profits and greed at the cost of employees.
Of course this is facilitated by the LNP government. The so called strong economic managers.
It’s as simple as that
Immigration is stagnating wages. If you import cheaper Labor it flows on across the whole economy. It's not rocket science.
@@CN-wt2bj totally agree
More layoffs are coming as automation proliferates
In other words, trickle down economics does not work.
C N there’s a whole lot of factors contributing to the stagnation of wages. The best thing you can do about it is to join your union. Workers need a source of bargaining power, or else we will become America.
I hope my answer is correct. Here is my explanation:
When the cost of electricity and gas is up
When the council rate is up
When the cost of water is up
When the cost of car rego is up
When the cost of childcare is up
When the house price is over a million
When the price of fines is up
When the cost of petrol is up
When the cost of school fee is up
When the cost of public transport is up
etc. etc. etc .....
Guess what will happen ......?
People just don't have enough money to spend on anything else !!!
I am SHOCKED....shocked I say
you forgot food
@@smokescreen2146 and insurance premiums
@@smokescreen2146 that's covered under "etc. etc. etc.....'
@@H0LDENSUX food not important to list?
Why is it so hard for these “economists” to see what the reason is???? Put them on $60,000 a year and let them find out..
$60000? That's luxury, try working with $35000 that's what I have to play with.
I am on a disability pension , I invest in sharemarket /Stockmarket and I have a vehicle servicing buisiness !! Am I allowed to do this yes I report profit and loss to Centrelink and I also report all my shares and do all my own taxes , I have credit cards ,on an income of about $500 a week or 25 K a year is there any help offered by the general public on investing or running your own buisiness NOPE 👎 at the moment I have not the money for public liability insurance however I’m looking into it , $200 a month for my type of buisiness is the only quote I have everyone has run a mile in talking to me about it and $200 a month on $2,000 income is overpriced however no one has ever sued me because I take responsibility for my mistakes , and the biggest mistake is believing there is help
haha so true
Oh ...only Sixty thousand!!! Poor you...wacko!
@@BigG2G why did you by an overpriced house?
TO quote David Attenborough: someone who believes in infinite growth is ‘either a madman or an economist.
I hear an Aussie accent and economy in the same sentence and naturally think that this is definitely not going to be an honest appraisal of ergonomics. It's going to ignore all relevant issues with a focus on marketing production and cash profit as if it's the answer to everything. It's not obviously. This is a scaremongering post designed to get people buying for the sake of short term gains so that their present right-wing leaning oil grubbing government can gain votes based on temporary enjoyment. There have also been a few hacking scandals and right-wing propaganda social media posts coming out of the present Aussie gov so don't just take this post with a pinch of salt. You have to take anti-poison as well.
“Infinite growth” is one of the many reasons I never fully understood economics.
The climate change fraud right quote that shill.
Wages haven't risen in 12 years, but the cost of living & the price of everything else has...I wonder what the cause is? No Economist Knows! ;) lol
Immigration is stagnating wages. Anyone who says otherwise is a globalist pushing an agenda.
@@CN-wt2bj This is very true for Australia. People forget that Australia had extremely good wages compared to say, the UK, because we for many years had more jobs than there were people to work them. This is when my ancestors came to Australia in the years of postwar migration. I now vote for Sustainable Australia because I don't agree with what either of the major parties are doing in terms of limiting migration. I used to vote labour, and in the most recent election they were scratching their heads wondering why they lost the unwinnable election. They've ceased to be the party for workers. Now that the liberals are about to let people flood into the regional areas (some areas which are experiencing drought and water restrictions), I think there will be a swing against them in these parts of Australia also. I do suspect that these migrants will mostly move to the capital cities once they do their compulsory three years. They'll bring family members over, or start their own families in the cities. If the government doesn't actively plan for more cities, they're going to keep destroying the future of younger generations. But since most politicians own investment properties, its in their interests to ensure that house prices keep going up in the cities.
@@sharnistevens1428Yep you're spot on. Labor has lost the plot and lost their working class base. They aren't going to win it back unless they completely switch and become nationalist and low immigration again. Sustainable Australia are fine but the problem with our system is that they just give the preferences to Liberals who do very little to stop mass immigration. Minor parties keep the two party system going with their preferences.
The high cost of living is a result of the property boom.
The demographic time bomb is upon us. The ponzi economic/finance and welfare state structure is failing. This is exactly what I have been expecting to happen for 20 years. Rates at zero, migration running white hot (over migration, its actually starting to hurt the economy) and its still not enough to escape the pull of the black hole of debt deflation in the ponzi welfare state. Its actually getting a bit worse than I expected because the "leaders" have done exactly the wrong thing at every opportunity and circumstances outside our control are turning against us. This disaster has been 20 years in the making. This awakening is going be very rude indeed. You people go ahead and stay positive, a good patriot in a system that doesnt care about you in a country that is now no longer a country, just an economic zone. Im making some big moves next year, betting against Australia big time. Have a look at how unprepared we are, look at the state of this reporting, 7.30 report is like BTN ffs. We are not even close to having an adult conversation about this. A leaderless country with a mis/uninformed populous. The Titanic comes to mind as a good analogy. Dumb captain, people below deck told nothing is wrong the ship is unsinkable. We have struck the iceberg, you know what happens next.
This is what happens when you throw innovation, manufacturing, and R&D under the bus in favour of property speculation.
People stop trying to create wealth in ways that made this country a good place to live. In favour of lazily flipping renovated houses to each other instead.
The exorbitant property and rent prices in turn increase the cost of all inputs. Making it very expensive to run a business, and passing the costs onto the consumers.
so bloody true, australians today have a fetish for real estate. It's disgusting.
monero i like it
You forgot to mention that they are also keen in only exporting minerals such as coal to China and supply 1/3 of the world's uranium oxide. Nothing more. Hardly hear they innovated something or strong in manufacture anything substantial.
Holden's plant in Elizabeth, South Australia closed abt 2 years ago. That's the story of their manufacturing in a nutshell.
Wish there was a super like button for this one. Not wrong - our household debt levels are obscene due to a completely unsustainable houses n holes bubble which has snowballed at the expense of everything else over the last 20 years.
You forgot the billions pouring in from China in CASH that goes into property. It is BILLIONS. 55% of all property sold in Melb. in 2017 was by Chinese. I do not have figures for later years as R.E. vic will not tell me.
Why are people so silly these days I'll tell you the reason why the economy's not doing well, I'm a plasterer working in the building industry I'm getting paid the same rate per square metre as it was over 25 years ago it doesn't take a genius to figure out what's the reason behind that bad economy🤣🤣🤣
Yep, same here, but i was earning a lot more in 1996 than today.
Immigrants in your industry are pushing wages lower.
true , but' it's a " false saving " ( for the consumer ) the work / price of a tradie is cheap but it's VERY shoddy though !
@@numbat0072 you could say the same for CEO, politicians, scientists...... I used to run my backside off for $25 an hour 25 years ago, not going to give myself a breakdown for same today. Still have to work hard and actually have to travel 4 hours a day to do that. 25 year ago 5 mins travel. Immigration has caused this whole mess and this is the globalists agenda
yes . numerous studies have shown that the main beneficiaries of mass immigration are biz' owners who have an endless supply of cheap labour , everyone else is worse off . this statement elicits the predictable reply regaling of how we were bettered by the food , the " culture " etc ( sure the food is better but the general tone is we were a nation of Neanderthals until we were " enlightened " ) . also the notion of bringing in migrants with a backward culture ( the treatment of woman / girls , gays , animals , apostates etc ) is a social disaster !
Oh come on! The economists can't be that obtuse surely? The cost of living keeps skyrocketing while wages stay stagnant or go backwards. Rents keep rising beyond even what it costs to service a mortgage, but no one can get into the housing market because investors keep pushing the prices beyond anyone's ability to save enough for a deposit if we can save at all. Homelessness is a real fear for many. Utilities keep creeping up and up, while more and more of us are working in a gig economy or on fixed term contracts that offer little ongoing security. We've had years of the business lobby putting downward pressure on wages and for those struggling to find work unemployment benefits don't even provide enough to keep people's heads above water. Basically we've been squeezed dry and there's no more blood left in the stone. But gee! I wonder why the economy is tanking?
Correct on all counts.
Boots Zara Walken 👍👍👍
Yes, and those who have been frugal and saved over many decades have been thrown under the bus with emergency low interest rates.
I live with my 62 year old disabled mother to look after her and i have not been employed since 2016 and on unemployment because no one wants someone who is partially disabled because of pinched nerves (unrelated to my former employers happened when i woke up one morning 2 years after a left them and not drinking related because i don't drink enough to even get tipsy) I was in warehousing and logistics for just over 10 years... and the 2 payments we receive is barely enough to buy all her medication with just barely enough for food
The Aussie natives are restless and are aware of the stench of the traitors in Canberra.
Time to drain the swamp.
Professor Pat Pending But will do nothing because they have too much debit and have everything to loose. just how the government likes it .
"Aussie Natives" ??? .... whats that ??
Two words....debt saturation.
Debt per household is stretched to the limit. Recession imminent
Liam Cassin Ahh.. Finally , someone with real insight. Thank you Mr Cassin.
100% - simply lowering credit card interest rates in line with the cash rate would light a rocket up under spending. Take a look at CC interest rate changes for the last 15 years. Has gone up in some cases. Banks use excuse as unsecured risk management but yet its not policed by ACCC or APRA. It should be down around the house loan rate + 4%... no one talking bout that. 😫🤔
Inflation rate is low. Really? Look at the energy and meat price which increased more than 20%. The inflation is obviously a manipulated figure.
Energy consumption we can only cut down somewhat , but eating Animal flesh can be reduced to an affordable minimum. Not saying cut out Flesh entirely , just much healthier eating more Vegetables Nuts and Fruits . LOL
It's not just an Australian thing. Coming recession is a global issue
Obviously your right it's happening around the world today...
You got that right. Sounds exactly like what's happening in the U.S. The government has shoveled billions into the economy and it's creating hyper inflation. Most of the money is going into corporate welfare and it's creating a wealthy elite while stifling the middle class. The San Francisco Bay Area is getting billions in federal funding but it's being siphoned off by politically connected elitists.This phony economic growth is getting ready to crash and burn just like it did in 2008.
Cost of living is too high. Utilities should be more affordable, public transport is too expensive.
Income growth won’t do anything but raise costs for employers and further flow in effect for trades and services. The high paid politician has no idea how the every day Australian lives.
Just go shopping at woollies and you’ll know
Strange to hear the expert say they aren't sure why ultra low rates aren't growing the economy- not rocket science is it? If household debt is already maxed out, wage growth is flat and the cost of living is rising, why would people rush out to get into even more debt?
Exactly...and how do they stimulate the economy when rates hit zero?
A lot of people are following the Dave Ramsey baby steps (YT) of getting out of debt, but there are a minefield of 'organized' wealth extraction schemes out there you can find yourself in.
I think their expert is way different then my idea of expert :)
Emergency low interest rates have also stopped many savers from spending.
Martin North from DFA (Digital finance analytics) has bee covering this for over 18 months, ignore this at your peril!
The answer is simple: it is a rent-seeking economy, devoid of innovation due to the risk aversion associated with the rent-seeking economic model.
If everyone didn't have to pay ridiculous house prices absorbing most of the incomes that'd have money to spend keeping the economy going, can't spend while we have record high debt levels.
Glenn Carle I also think so, you are paying double what the original price is and houses are 25-30 years commitment, that’s why even the economy is slowing the bank is still making huge profits
Exactly. Housing prices are sucking up all the capital in the economy, resulting in people not having money to invest in starting businesses or even spending on consumer goods, but so much of the nations capital is now tied up in it that any kind of meaningful correction is going to be extremely painful and damaging.
You need to look on the other side of the transaction. These sellers are pocketing $600,000+, which in turn can be used to boost the economy. This high housing price crisis isn't just in Australia. I believe the average housing price in Shanghai is well over $2 million. I believe the problem is there are too many regulations on small businesses and the high wages which makes it difficult for small businesses to compete against the big businesses but that is another topic.
Yes. Little duplex in Mitchell Park, built fast and cheaply, kitchen has no place for the microwave, single basin in the ensuite...tiny back yard...asking half a million for it. What???
The same damn thing's happening in the U.S. too. The whole economy of the San Francisco area is based on government money and the place has hyper-inflation of 10.2%, people living in tents on the street, and deteriorating infrastructure. There's another economic crash coming and it will be worse than 2008.
I’ll tell you what’s happening...... I earn 100k+ & can’t afford to buy a house.
Bugs Bunny no it’s just u can’t manage your money
@@gravediggydo you call going into a record level of debt managing your money?
If u can’t live on 1g a week and save the other half u can’t manage your money
Move into a shared rooming house for cheap rent , save 400 k , and move to India . You can retire for life for that amount there , and buy a nice home for 80k AUSSIE .
Why would anyone want to buy a house when prices are starting to fall???
The government needs to get rid of the property industry.
Yep, by taxing them properly. Or just undo every liberal policy (mostly tax cuts for the rich and private school handouts) since Howard. Would fix Australia
Land Value Tax is what is needed. See Henry George.
3D Surfacing Selling a house should be just like selling a car . no realestate agents and no settlement agents and a reduced stamp duty would be a very good start .
First we need to get rid of government.
@@fungus20009 You can sell your house privately. You need not use a real estate agent. This is very common in Europe and buyer and purchaser can do this here also.
When they said the ‘high’ end of town, They were meant to question the banksters not Coca Cola!
It has taken 20 years of outsourcing, offshoring, a housing bubble and rampant inflation.
Now people need to clear debt and there are no pay rises.
The worry of a major reset is looming
more and more.
Why the loud music in background? How about the greedy BANKS, CEOs
Taking all the money from the real workers, not to mention the OVER stuffed wages and perks of ALL the Politicians and council managers of each town.
@@Jenifer_G , Have you noticed that the proposed legislation before the Senate now, "Restriction on the Use of Cash" actually EXEMPTS politicians in the course of their duties. It would seem bags of cash are still legal for bribes then.
Rising numbers of aging baby boomers with considerably less to spend than when they were working, rising technology reducing the need tor staff in traditional roles, along with huge levels of debt and a global trade war-induced recession. A perfect storm the like of which has never previously been seen.
You neglect the "free trade" policies that have trashed our manufacturing industries and will get worse as the Government has agreed on an Asian free trade pact that includes China. We are led by idiots who continue to import 5,000 people PER WEEK, whilst we have severe underemployment, in their false Ponzi "growth" scheme.
@@wyattfamily8997 i think the immigrant, are focused at Sydney Brisbane and Melbourne. Therfore pushing the money into those cities and fabricate growth, while house price rise, minimum wage lowers. And rest of Australia are not seeing growth at all.
But then again, international students are kind of cash cows for Australia, negative tension might topple the system that exist.
Never been previously seen!! What freaking planet do you live on?
@@vincentconti3633 you seriously need Jesus. You've commented on how mant individual comments with hostility.. go to your room and pray to God and ask Jesus in your life. :)
The cheap imported 457 visa workers are great for the bosses aka the LNP but absolutely destructive for workers
@drew sale But it's the greens fault bushfires are happening! Nothing is ever the COALition's fault!
Isnt Scott Morrison continue doing the same lol
@drew sale But I heard there's a rumour going around that "good government" is about to start
Labour Party used to be a party for workers, but now is a party for people who don't work.
@drew sale yeah but labor don't know how to advertise such a fact... they are hopeless with adds
The result of ‘trickle down economics’
People better forget mortgages, And maybe worry if they will be able to eat soon.
Wtf? You must be a bot! Ya I can see babies dying in the streets in oz!!!
@@vincentconti3633 they are just aborted for convenience mate
I'm a small business owner and i'll be brutally honest. We have been hit 30% and I'll be lucky to have enough money to pay January's rent, yet alone having money for Christmas and our 2 week break.
I'm just going to stay at home and go fishing. I have nothing spare for a night out or to buy a present for my loved ones.
Best of luck, dude.
😐.
in English, it is called a "lie".
Major reset is the greatest euphimism of this generation
Greed !!!!!
And we have all fallen for it
The same damn thing's happening in the U.S. too. The whole economy of the San Francisco area is based on government money and the place has hyper-inflation of 10.2%, people living in tents on the street, and deteriorating infrastructure.
Banker says spending increased 28% ...
Actual retailers/business owners say income has dropped 30% ...
Who knows... one isn't trustworthy.
Most of the household money is going to the banks as the form of mortgage.
That's after the government takes about 50-60% in 300 zillion taxes (50% income tax if you are in the top bracket)
& if you rent, you are likely paying someone elses mortgage (which is very nice of you)
& the credit, where did that come from? According to Modern Money Mechanics the bank simply made the credit up.
A countries central bank, does the same & you taxes pay the interest on this credit ( Grace Commission).
Meanwhile....10 months after this was aired, I’m watching this during the middle of the global pandemic.
Government is all about the short term. Long term investment does not get votes.
The west is falling and falling fast. System collapse is needed. People are not waking up fast enough they do not realise what were you against.. deep state.
I liked the opening shot of this was really well done
Retirees cannot make any yield these days unless they take unnecessary risks,so obviously they are cutting down on their spending [it's not rocket science].Low Bank Interest Rates is an indication that all is not well with our Banks.Australia has become a paper shuffling economy as all our Industries,Manufacturing and Farming have been stripped and sent to Asia,Globalism on steroids that is what has destroyed the Australian economy.Our Government is full of Lawyers,Lobbyists,Corporate's and Politicians that don't give a damn about the Australian people.I call it Liberal Secular State-ism which has created this mess and an unstable situation.
If you feed enough oats to the horse, some will pass through to feed the sparrows ? Well 12 years of constipation have staved the sparrows and somehow corporate greed is confused their models haven't any solutions for their expectation of continued gouging? There's your definition of entitlement!!
Maybe don't interview people that are on 250k+ a year and look at the people who are paid the same or less than 20 years ago and ask why don't you invest or buy more?
Not a single mention of the impact fiscal or social policy has on the economy? This is arguably one of the more important factors to be discussed and it was completely ignored in this report. Since the ABC is a public service that is intended to inform tax payers, I'd think it would be very valuable to inform viewers as to which policies are beneficial to the economy and which ones aren't.
Taxation is theft.
The media, politicians and bankers have colluded for decades to create this economic crisis.
Fake money = fake politicians, fake news, fake house prices, fake economy, fake genders, fake global warming, fake wars...End the Federal Reserve and all Central Banks.
Gets in the back seat - what kind of Australian are you?
The camera man was sitting in the front passenger sit
@@svenw2064 yeh,but then again he could have filme from the backseat
What about power prices? The LNP said they were taking a big stick to the energy companies, but our bills are going up and up. Pathetic.
the labor market isnt strong, the federal govt has fudged the numbers, you work 1 hour a week, you are employed, this is dangerous considering the market just had a massive uptick on the back of this news
when i was eighteen i could get pissed at the pub for 20 bucks plus a feed no wonder everyone is broke
Wife & i work hard, live frugal, have essential items, drive old cars, recreational activities dont involve spending, no cash/cannot afford it, disciplined savers, 2 bob in the bank, paid off home, no debt/stress. Prepare ourselves, uncertain times. No news is good news. 👋 brizzy.
I'm a Electrician and I can't afford the most rundown crusty rental properties. Electricity prices make any commercial buildings a huge quarterly expense. The Governments that come and go are only in for themselves. Where's the big multi decade infrastructure projects . Australia needs water from up north to down south and in the middle.
you silly people charge $120 for 5mins air-con maintaince while complaining everything today is expensive.
I worked for an elite Australian company once. The Managing Director was so hung over in the morning that the answer to every suggestion was a shouted NO. During his lunch he drank so much that he was drunk in the afternoon so the answer to every suggestion was GERAOUTOFIT. I heard that these was a sweet spit just before lunch but I never encountered it. The company almost went bankrupt a few times but was saved by a government subsidy but one had to call it a capital infusion or else. There was in incredible emphasis on seniority and position and one of the most frequent observations by upper level incompetents was - and I was the most junior manager in the room - to show he had been meeting with the TOP MEN. Australians are uncomfortable with foreigners especially Asians because Australians are worried about being seen as limited. I made a joke once about how Australia imports high tech products in return for lamb, beef and minerals. I was so happy to leave.
Lived there for 5 yrs, the drinking habits leave much to be desire.
legalize pot,the amount of revenue that comes from that would be enough to solve the housing crisis.
great reporting
Maybe people are worried about how they will pay their debt and living expenses ig they have no job.
Denis Stanley living people are the creditors. corporations are debtors.
The answer to that is easy LEARN TO SELL, LEARN about INVESTING and learn how to be self employed and learn how to run your life as a buisiness and never rely on any job ever to support your life and never expect any help from anyone anywhere
@@iamasmurf1122 in other words...take control of your life...thanx for that..that fat mother in her modern home doesn't look hungry!
and where did our jobs go? China!
Manufacturing moving offshore and jobs mainly in service industries, while govt keeps taxing everything.
It's just the market for labor is not strong. More jobs are replaced by machines and less demand for human labor.
Aussies pricing themselves out of the global markets.
So why on earth are we important more workers (i.e. migrants)?!
@@sharnistevens1428 The jobs migrants are taking (predominantly low end retail and service sector jobs) aren't the kind of jobs that we're short on. We have jobs at the low end and jobs for highly educated specialists but the jobs between the two are getting hollowed out.
Also, we need to bring in young people to pay taxes or we're going to be unable to pay for social programs as all the boomers get older and need pensions and healthcare.
It's not sustainable indefinitely, however unless we fundamentally restructure our economy and get some new government revenue streams we are going to have to keep importing migrants to even out the demographics.
When you import 5,000 people PER WEEK it ensures wages stay low as unemployment cannot be driven down. This adds to profit in the short term and false "growth" figures. Ultimately the population has no money to spend above housing and food. The economy crashes.
My rent is up, energy up, petrol up, debt is up, healthcare up, insurance up, food up but wage is stagnant (effectively down due to hyperinflation) how can we survive ?? This is all done just to keep housing prices up, cutting interest rates is a bad mistake causing hyper inflation
Great segment, awesome intro.
If only mortgage interest rates where equal to cash rates.
yes but they never have been , it's not a recent thing .
This is either lazy reporting or purposeful deceit. Stagnated wages are the obvious cause and we all know it.
That's because the ABC is owned by the political elite, aka Globalist. You won't get the truth from this mob unless it's scaremongering from 4 corners regarding cruelty to animals.
what an epic opening with the music, digital sound effects and drone shot
Low cash rate. No Government financial spending/easing. Hidden unemployment. High debts. Stagnating, even regressing, wages. Increasing cost of living. Unstable housing market.
Plus global uncertainty/fear/chaos.....Not good....
Australia got too close with the American system and that's one of the problems.
A lot is changing, possibly relocating overseas may be an option for some.
Well done Alan , interesting makes you think WHY it's happening, most comments from below say its wages .
I hear everything is being cut low interest rates etc. Check out the bills most Aussies are copping. Electricity gas water rates have all gone up substantially every year not to mention rego for vehicles. It's crippling families all over Australia.
No wages growth, that’s a joke ask the ceos of ten major Australia companies salaries compared to 10 years ago ..
Peter Johnson And politicians wages as well have gone up considerably.
The law of supply and demand holds true to life itself. As the population grows the value of the individual decreases.
& creatures & critters, elephants, rhinos, tigers, donkeys, - # C H I N A#.
It boggles my mind that this doesn't have millions of views.
Why is the same uber driver in these videos? Go talk to other people! Like people who are in their 40s and can't afford to rent their own apartment or seniors. People who actually have no mum and dad to save them.
The futures uncertain and the end is always near , let it roll baby roll all night long
I'm nearin' the end of the line!!
Mishi Knezevic Love the Doors 👍
"Not in any textbooks" *
* not in any of the status quo Keynesian text books.
Well, what neo con text are you referring to?
@@gromit368 Keynesian, Chicago, Austrian etc. One would think if you call yourself an economist youd have a minimal grasp of all of their ideas. Perhaps not if education has become focused on maintaining a status quo. Which ideas populate the treasury and the RBA? Now look at the resulting economy. No coincidence.
Well I think it’s because of the economic changes during the 1980’s when Australia liberalized their economy. When that happened the country became focused on exporting commodities. No more industry, no more manufacturing, just commodities.
This guy is great at articulating the subject of economics whether you agree with his perspective or not.
Maybe inflation should include housing? As that’s outpaced wages for ages
Ya think.
Nice production Alan and ABC! Keep up the good work
Ezy said. Prices UP, wages STAGNANT, politics RIGHT WING, taxes UP.
The wealth extraction scam that is the low tolerance speeding fines is going great guns. I did a FOI one year on the stats. Low tolerance 75% of the breakdown. At the other end, 25 km and over 2%. Do the math.
People are no longer comfortable spending money they don’t have.
Wage stability and growth is most important factor.
Low wages, incredibly high mortgages. All the money gets spent on the home loans or rent. When the interest rate is cut, people put that money towards their loans instead of on useless consumption. Viola, it all starts falling apart.
The expectation that global consumption can keep growing year after year forever is ridiculous but not doing so is a recession. There is no ethical answer about what to do about the situation so it'll be business as usual until we've stripped every resource out of this rock.
The "high" mortgage is a choice. If we lived within our means and didn't bid to excess average property prices would tie to wages better than now and we would all be better off.
@@Xalta_Sailor location, location. A pricey place in Melbourne and you can walk to work or a cheap place in Sunshine and you need to buy...and run....a car. Age old dilemma.
"economists" should be used very VERY loosely here i'm guessing. everyone with a few working braincells knows whats causing this. and exactly WHO is responsible
The Liberals and their globalist capitalist buddies.
exactly.
except it really isn't. i used to think that also but the labor party whilst still relatively bad are vastly superior to the libs. especially right now.
Stagnant wage growth for 12 years. If you extend the wage growth line to carry on upwards rather than flattening off, the difference is a substantial amount of money. I wonder who received the undistributed wages for twelve years?
Closed captions would be great thanks!!!
How am I able to trust anything a bank CEO says?
Don't, ever.
"unemployment is low"
no. Unemployment is incredibly high, and unemployed people are being tied up with fabricated debt by centrelink.
squeeze the people a bit harder, maybe you'll get another drop for the economy. smh
All the money bring earned is either going into housing mortgages or the high rents. If these weren’t so high, then money would be allocated to the goods and services sectors of the economy
There wasn't much mention of the cost of living. Seems to go up every few weeks. Bills, fuel, food etc....and My pay has hardly moved in years! rate cuts amount to , what, $20 a week? You only have to look at crime stats and see how tough getting by is
Economy is down despite ya’ll charging $400 for having an apple 🍎 through immigration? 😅😅
Why is property meant to go up 10 to 20% next year
Oliver St.John it’s the only mantra the mainstream media knows, property only goes up😂
It’s a lie mate keep people fearful of missing out
See what happened in the US before the GFC. We're heading in the same direction apparently we didnt learn anything
And it is all BS put out by, guess who ... vested interests.
Because the media has a massive conflict of interest with its investments in property related businesses, such as Fairfax and Domain. They have a commercial interest in continuing to pump up the housing market.
A targeted investment in wider public services to generate stimulus is necessary - private debt levels are sky high encouraging more is a major risk. The affordability of affluence is starting to cost.
of course its different this time everyone has a computer in there pocket that we are all addicted toooooooo!!!!
Boards will NOT increase wages beyond 2%, even though productivity is up. Waiting for the public to wake up to this and demand decent pay rises.
We need to re-unionise the Australian workforce.
I agree but how do we do that. Only way is to have strong unions and that is no longer the case.
I would like to see people actually being paid for extra hours worked that would translate to wage growth.
this is not condusive to the merit based system whereby i think honest workers should progress in their career path ? sure, i think overtime needs to be catered for, but not at the expense of personal growth
@@knfbnny Care to explain how? I do not believe an employee allowing themselves to be exploited via time/wage theft has much to do with merit and career progress. The idea that a person needs to do hours unpaid work for a company to progress to display loyalty needs to die with that last century.
people are spending online for a better & cheaper products, this has impacted the local retails
Nino runs the restaurant? Someone tell Gordon Ramsay.
It's all cool, nothing 'thoughts and prayers' can't solve.
Heavily Dark Knight inspired intro there.
Q and A did Charlie's angels.
Been hearing this for years.
Bank manager checking my Google searches ?.....now he knows I have heat rash on my ball's.
Low unemployment low wages. The Americanization of Australian economy.
could say the exact same for the German economy, we have the biggest low wage sector in the EU.
I'm a gen Y. Most of my generation will end up fiercely competing with each other for "The left over scraps from Australia's prosperity over the past few decades"
And you will have to fight muslims and Chinese people for those scraps too
And you will be competing with muslims and Chinese people too, thrown into the mix for you
Over 50 MILLION hectares of Australian agricultural land is owned by foreigners. Of this Chines own 29%. We have over 800,000 Chinese living in Australia now. We "import" over 5,000 people PER WEEK into an economy where unemployment is rising, UNDERemployment is a severe problem, crowded schools, hospitals, roads, high housing costs (due to immigration demand), over 100,000 homeless Australians (10,000 children), and still our idiotic P.C. "leaders" continue with the same failed policies to create false "growth" at the expense of the average Australian, who they care nothing for.
Wyatt Family How many illegals are they bringing in through the Darwin port that they have “leased “ for 99 years ? A shit tonne i reckon.
Bradley Irwin That’s if the Chinese or the Indians will throw the rest of us any scraps at all .
People who do not buy a house feel like they are missing out. The people who buy a house are not missing out. They get increasing council rates, levies, water rates, insurance costs, realestate fees, conveyancing costs, stamp duty and a 30 year mortgage. I understand their envy.
Don't worry.. All's good and it gets better ✌🏻