Many getting left behind as the cost of living goes up | 7.30 | ABC News
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- Опубліковано 21 бер 2022
- Australia's increasing cost of living will be front of mind when voters head to the polls for the federal election this year. Inflation has come roaring back into the economy after years of sitting well below the Reserve Bank's target. Alan Kohler examines the tricky situation Australia finds itself in, with increasing prices for essentials but wages barely moving. Subscribe: / abcnewsindepth Read more here: www.abc.net.au/news/2022-03-2...
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I like how the rise in petrol and potatoes is deemed a crisis, but house prices rising from 2-3 times the annual wage to 12-15 is known as 'Shit happens'...
Most politicians have made a hell of a lot of money investing in real estate, and the last thing they are going to do is take any action that will reduce the value of their investments. They don't want affordable housing, because then you're not going to have to rent their unaffordable house and they'll have to sell it for less than what they paid for it. I think it's going to take a whole new generation rising to power who was priced out of the real estate market from birth to change this shit.
Well said it's not an issue in the eyes of the larger older more politically savvy portion of the population largely for the reasons stated by StreakyBaconMan .
Or even defined as success...
Talk about it.👏🏼
@@StreakyBaconMan they took housing to the last election, it was reframed as a bad thing by Clive Palmer.
Economist earning a 6 figure salary for the commonwealth bank says poor people can fall back on their savings.... What a tool.
@Thomas Lauren offcourse Australian economy is weak now ,can even crash in coming years 🤣
Well, the people he thinks of as poor can. It is the people below them that don't have 250$ in the bank that are hurt most.
Definitely out of touch. Maybe back in his day people were still able to keep a savings but millennials and younger have not been able to do such. The time to do a savings when you’re at home with your parents and a lot of us at that time unfortunately aren’t even thinking on that track. But that’s about the only chance we’ve got to create a savings nowadays that or to go to school and hope that we can find a career
poor people are poor because they have no savings that would make them middle class hahaha we have no savings hence the word POOR
i live in america and its the same here
Having to use savings for every day life is what I would define as going backwards.
Savings what savings.
@@Terminatortx33 exactly
"Let them eat cake ..." - really out of touch with the working class.
U think? A lot of people will end up in the poor house even people that at one time we’re doing well. It’s like the only people that unfortunately will really be ok and not struggling are the truly wealthy. One word greed. Sad state of affairs
If you have savings, you are rich
“It’s not going backwards, people can use their savings” - tone deaf economist, eating up your savings to survive *is* going backwards.
It's more than going backwards, it is going down...
Going too end up in poor house doing that. This economist is definitely tone deaf
The 2 years of pandemic, obliterated my savings. Working now with half pay. How could you even expect to save money nowadays. These economists are part of the problem.
Economists are the most elitist, vapid, tone deaf, and selfish group of people We’re expected to take seriously.
That's a bold statement" everyone is sitting on savings, they just use that" seriously, not everyone has a savings. Look at that nurse, she's living paycheck to paycheck.
Exactly
I had savings before I started working at a hospital now I have none and live paycheck to paycheck.
I have seen it in the US too where degreed professionals like nurses, and govt workers, and corrections officers are living paycheck to paycheck and taking 2nd and 3rd jobs. It is ridiculous to think in our modern world that you have to work 50+ hrs during the week at a professional level, then weekend work and try to monitize your hobby (for me it is quilting commissions) to make ends meet and save for the next crisis.
@@dedhampster4730 there is currently a sign in town for correctional officer for $45,000, sad, they deserve more.
It's so out of touch with reality :(
'It’s not going backwards, people can use their savings' - Economist. Question is, what is more backwards than eating up your savings to survive? I for one has been badly affected by all these and at this point, I'm more interested in a solution What is the way forward? Do we just keep suffering? How do we the lower class cope with all of these? How do we get past this phase?
Practical approach; Reduce things that get you sick (that way, you increase productivity and reduce spending on health), Spend only on necessities, Try to invest what you can and spread them locally and internationally but of course be well informed about where you want to put your money and finally, vote wisely. Made my first million this way earlier this year (got help though). Can comfortably wait out this "phase".
@@marlenaaj Amazing approach. the health part is apt... What do you mean by you got help? I could definitely use help right now... I look forward to your reply...
@@yvonne5449 Funny enough, I can honestly relate. By help, I mean I got the services of a pro "Nancy Lynn Lewis", she was in the news a lot in 2018. You can check her out online for more.
@@marlenaaj She's got a pretty decent bio and seems American. Does she work with foreigners?
@@marlenaaj This right here is the second time I am coming across this name in a week,, My colleague at work seems to feel she's some kind of God sent angel,,,
LNP: Will actually give free money out of our bottom-heavy tax burden to multinational companies who actually made a profit during the pandemic, but in the same breath will tell us that they can't afford to help out average citizens who can't afford basic needs.
Wait until you find out that money is just something we invented.
@@coaldoubt2879 lmaoooo
@Nezumi Nezumi Production IS valuable, yet somehow the rich in society produce nothing but somehow end up with more money.
I don't think you've understood Marxism.
@@coaldoubt2879 To be fair, that tends to happen irrespective of the socioeconomic system in play. Those who seek wealth above all else usually find a way to game the system. Russia is a wonderful example, being dominated by just a few oligarchs.
@@andrewthomas695 some cultures see wanting more than you need as mental in illness.
Food prices have almost doubled in the last 10 years & rents are increasing steadily. Those of us that rely on pensions/benefits are going to end up on the street very soon. Funny how there's never enough money to raise pensions, but always plenty to massively subsidise mining & oil companies.
Plenty of money for the military and war too. In the states it took 5 months for them to scrap together $600 for the citizens, but mere hours to send billions to Ukraine.
They just sent your pension pay rise to arm Ukrainians....
@@MiggsMultiple I can see the need for armed resistance against Putin. I can't see the need to subsidise multi-billion dollar profit making mining & oil companies that already receive massive tax breaks.
@@RARDingo Maybe the nation's that have more to do with Ukraine can throw them money.
Maybe this nation where half a state lost its entire life under water can use it here.
@@MiggsMultiple I have relatives in Ukraine & I served in the Australian Army for quite a while, mostly during the cold war years.
I am happy to send support to those defending freedom from criminal tyrants like Putin.
I also experienced significant flooding damage recently.
I would STILL rather see money go to people that ACTUALLY needed it, rather than huge, profit making companies that don't.
Have I not already made that perfectly clear, or do you have trouble comprehending English as a written language?
Just goes to show having further education like being a Nurse doesn’t always secure you or your family from poverty. What a hard life it must be for her.
1900? a week>? clear?
@@morphix007 probably biweekly
@@brittanyfehlings6838 omg that's Low for a nurse if it is fortnightly. It better be weekly for her sake
@@kichw it’s because she is an EN RN’s who do the degree as opposed to the tafe course earn considerably more. This does not mitigate what she is saying it’s just context
@@teenindustry wait so she has diploma which is enrolled nurse that's why they make slightly less compared to registered? OK got it makes sense
I don't think our government realises how many are on the brink of losing absolutely everything, and these people are hard working Australians! How much longer are we going to keep struggling? More need to speak up😑 we need help out here.
Im from nz and struggle to put petrol in the car to even get to work
Why carry the "we're hard working Australians"... Australians don't know how to work hard. Highest minimum wage in the world, 38 hour work week, 4 weeks Annual Leave, 10+ days sick leave, carer's leave, compassionate leave... the list goes on... you're all a bunch of soft pansies who did this to yourselves by voting in poor governments with even worse leaders.
They do realize it, they just don’t care.
That what socialism high taxation does bankrupt more people reliant on government tit
This is what 9 years of lnp get you
They've been in power the majority of the time since the start of the millennium. It's messed up.
Never mind the fact that the federal government caused a 50% increase in the cost of building houses and bankrupted a lot of builders and trades
U think this corrupt government cares?
@@Schizobateman
Why would they care, their wages are so much higher than the average Australian?
@@mariahewitt9787 well hopefully they get what's coming to them when people finally have enough and rise up
Exactly
Hmmm….5% perhaps 6% inflation….I was forced to buy bread last weekend at Woolworths with a price tag over 100% greater than it was a week prior. How can ANYONE justify that?
I think people with disposable income don’t realise, sometimes we (poor folks) have to choose between our health and what’s cheap. I’ve screwed my disabilities more thanks to having to go without food or medications etc. it’s damn rough.
What's bread, can't remember the last time I afforded that
Oh wow how presumptuous of him to think we are sitting on all these savings 🙄💰💰💸
VOTE LNP LAST ... thats where they put YOU!
I need that on a bumper sticker!
Only Klaus Schwab chosen one's will succeed. Doesn't matter who you vote for!
@@mariahewitt9787 Vote minor parties first put ALL the majors last.
Vote minor parties first put ALL the majors last.
@@123machet Yea great and we end up with another LNP term you gronk
Something tells me the barons at the top of the supply chains, particularly oil and gas, are not noticing any drop in their incomes or profits.
This is all planned, they are making record profits.
i have been priced out of all homes in my area. a studio apartment in a bad part of town is now over $1,000. meanwhile, all employers in this area are offering jobs for $12-16/hour. most require experience and degrees. i have two university degrees, still being offered $14/hour. i am moving into a schoolie in June.
Do you have foreclosure auctions in Australia? That's how I got my home 2/3 off
She in usa not Australia obviously
Living in Melbourne and seeing the cost of living go up and houses selling for well over the millions is depressing AF. Im 24, working part time and living at home. How are the younger generations supposed to live and thrive when its so bloody expensive!
Yeah, not to mention later on if we want to marry and have children
That left politics goal communism you own nothing
My parents want to raise the rent for my bedroom to 1000$/month 😪 now even my parents place is gonna be too expensive 🙃 I've gotten 2 new jobs and my income will just cover it. Goodbye saving money/independence 😢
I've stopped the video to check the prices where they were visible to compare them to Bulgaria and Hungary (I am Hungarian living in Bulgaria), and it seems like all of those goods are even more expensive here than in Australia. I don't think I should highlight that in Hungary and Bulgaria the salaries are not the same. That's the crazy part.
I wish people would speak honestly regarding the degree of poverty in Australia. In the 1990's the house was the luxury. Now for many it is the car. I'm in my late 50's and I can not understand why the average Australian excepts the road that this country has been taken down.
Have you considered becoming a economic migrant?
People get lazy and don’t have the energy to fight back like the old days.
@@Revealthereal_ it's not laziness, it's exhaustion. There are so many battles to fight; and when you are struggling to buy food it's hard to maintain the strength to fight. I did what I can but financial hardship, illness, exhaustion and looking after my elderly parents is destroying me.
Sadly this is the truth! As a single disability pensioner fruit and vegetables are a luxury I haven't been able to afford for a very long time, 3 meals a day... I can't remember the last time I lived so extravagantly. I live by rationing wheat bix (breakfast cereal) for the week before my pension comes. I don't smoke, drink, use drugs, gamble or buy meat but it still doesn't streatch far enough.
How can you save for the future when you are barely surviving today. The Government says they can't afford to increase the rate of Centrelink payments I say you can't afford not to, the human cost is staggering... mental health issues, hunger, inability to access medical care in a timely fashion (due to lack of transport or lack of funds for medication), poor quality of life, and social isolation to name a few. How quickly people who lost their jobs during covid forget how inadequate the welfare payments were! More people need to stand up and demand a basic standard of living for ALL Australians.
Gaslighting.
The biggest lies voters have fallen for?
1. Trickle down economics works
2. Tax corporates and billionaires less as they provide jobs
3. The minimum wage is too high
4. Privatisation makes services competitive
5. The LNP are the best economic managers
Wake up people, do you want fairness or the LNP, as you can't have both
Amen
Dude labor isn't any better. None of the decent parties get enough votes
@Proper how is the gov right wing? They let in 300 thousand migrants a year
I wonder how many people out there voted Liberal last election and still blame Labor for housing prices. I would really like to know just how ignorant the Australian electorate is, I bet the results would be shocking.
Haha all our politicians are hopeless open your eyes our problems have been happing under boths lib and labour.
I like Alan, I think he's one of the few good journalists left at the ABC
The rent is probably the worse here in US...
the solution isn't to rise the pay it's to tax the rich but y'all don't wanna talk about that
The upvotes of this comment proves your statement
Seriously underrated comment!
American oligarchs park their profits offshore, so they can't be taxed. 🤭🤭🤭🙄🙁
I was doing my weekly shop and this lady came up to me in tears asking for help paying for her medications she couldn't afford. How sad have we become Australia.
I’m in the states here but the Australian people I follow on IG, you’d think the go-go 90s were still going. Australia seems very similar to America. We are both going through the same thing…
I’ve seen this very thing in the US, and worse. There was an hysterical woman with an obviously sick child at the pharmacy counter, unable to afford the child’s medicine. A bunch of us took up a collection on the spot and purchased it. I think the woman was not legal in the US, therefore ineligible for Medicaid. She could get deported if she applied. Whatever your opinion on illegal immigration, it’s immoral to deprive a sick child of medicine!
Did you help her?
@@jbar_85 literally the whole world is in the same shit. IG is certainly not an adequate source of information
@@kria9119 true.
For those of us in the US who are curious “$2 a liter” (if I did the math right) is roughly $7.50 a gallon. That’s Australian dollars, so it’s roughly $5.50 (US $) per gallon.
It's like around €2,50 p/liter over here in The Netherlands
£2,95 per litre in the UK...makes it roughly £12 per gallon...
Iv seen some milks for less than 2.95 pounds
I've been riding an electric bike for a few months.
@@raybon7939 Try biking 15 miles a day, there and back. Bike won't cut it.
I moved back in with my parents our rent went up so much I can’t afford it and my other bills and grocery’s
I went to the pizza shop for the 1st time since early 2019 2 pepperoni slice with a side of garlic knots cost me $17.25, back in 2019 $8.50
Happening in America too 😭🤬
Strong growth (prior to pandemic) but real wages dropped.... but but.. "trickle down economics" Tell me the govt didn't lie to us!
Only thing trickling is yellow
They absolutely lied. Kick em out.
Pensioners are living on $400 to $500 a week. Some cant pay the rent or even shire rates on there pension.
Many pensioners actually have a lot of money and they hide their assets..
What is rent and rates?
- Sincerely, the 125,000 rough sleepers in Australia
@@joebloggs2312 I am a nurse and have recently worked in Emergency departments, with people homeless and hungry., not enough nurses because they cannot afford to live in the area, petrol is now becoming expensive. Elderly coming in with malnutrition. Families with children living in cars under bridges, families with newborns living in cars. The past 8 years the same. Medicare is being run into the ground. Poverty is coming faster than ever. The user pay system in on the horizon. The wealthy are getting wealthier and the poor get the picture. Anxiety...hunger more than anything. Ask any counsellor - poverty. And if I hear a Prime Minister say they are aspirational poor and its luck is rubbish. Nonsense wheat prices, OZ makes enough food to feed 90 million a year, Petrol, nonsense - a lot of persons only need an EV, where as some need fuel. Plant some trees.... How about some Human Politics that do not only suit the multi nationals who dont pay tax, and their list is enormous. Couch surfing on a casual job is not working Australia.
I was in Aldi in Melbourne earlier today 1 iceberg lettuce was $4.50. The prices are getting insane even when shopping at markets and Aldis
I swear Aldi is barely any cheaper than Coles
@Kohan kye it is much cheaper. I've done the math haha. I got all the same items at both stores. Coles was like 15 to 20 bucks more expensive. But right now, it's expensive everywhere.
@@gdaymates431 I think in general, Coles is more expensive. But if you shop by focusing on specials then Coles is cheaper, which works better for me as I shop by the specials and rarely buy stuff at full price.
We never had an Aldi in our area until 6 months ago, I expected grocery shopping to be slashed, but it just wasn’t the case.
@Kohan kye sales are fun. I'm plant based so my groceries are usually only 50 to 60 bucks a week anyway. I sometimes pop into Woolworths to bug Oreos and Linda McCartney sausages haha.
Haha and gov says inflation is 3.5% 😝
I’m mad as hell
Cost of living goes up. Can't afford new cost of living. Guess I'll die?
It's also too expensive to die!
The world has gone nuts with greed.
Gareth Aird, at 10mins doesn't understand what going backwards is. Reducing your savings is going backwards. Good job on the interview and editing though, I think they understood this.
It has been a major struggle providing the basics for my family. Then today we find out my wife has some sort of growth on her thyroid. Don’t know how I am going to afford getting her better. Been a major hit on us today.
Thank Fukushima and Chornobyl. Cancers are up everywhere. Pets seem to be suffering most, I had to put two dogs away for cancer in the last two years.🤭🙄🤭🤭
I recently heard the GBR is dying. Idiots are trying to blame climate change.🙁😶🤭🙄🤮🤮
This is so sad to hear. I'm sorry to see people are going through this 😕
Pay rise is controlled by corporates . that's the reason why it is not going up. Also share your salary information that will help you and everyone else
No it not franchise own businesses not corporations
Glad I live at home 🏡 with my parents and this isn’t an issue for me!!
Just imagine what your parents must be going through God bless us parents out here holding it down💞
Save all you can and buy some good land to grow food
@@djack915 thank you
Save as much as you can, as one day you will be on your own.
@@ashleybosvik3031 I have to take care of my younger brother who has cerebral palsy and seizure disorder so I will inherit the house 🏡 after my parents pass. I have Aspergers myself so life will be very difficult without them and I will miss them greatly.
Will this pathetic excuse for a government actually do something about this for once?
no
They can't, they sold out our strategic industries in pursuit of a service economy.
If the Australia government is anything like the U.S. government, than the answer is no.
No one should be homeless
No one should be without food !!!
Ok. Commie
Groceries $40 more a week? Not in the US. I'm paying over double
I am a senior I can keep my budget under $40 I buy nothing but mark down meat and a lot of other markdown items at my grocery store I shopped this way when I worked full-time and I have been doing this the last two years since I've been on Social Security I live in the states. If you are really struggling you could check out a food pantry I help at a weekly church pantry and I will occasionally take a few items but I don't take food every week even though the helpers are allowed to.
The grow your own food
"Best" economic managers
that is years and years of not paying a fair wage
As an American I can understand this
This is what happens in a consumerist economy. When we are taught nothing but to consume endlessly and to live a unaffordable lifestyle.
Why do you say that?
$6.50 for a friggen cauliflower.
Cant even buy a basic vegetable with the money pop would have snuck you when you visited him 20 years ago.
Should start small vegetable patch and save some money.
Pop bought a house for the price of today's cauliflower....
@@lexluong8155 you assume too much
Shut up Tony ..
Bunch of economic geniuses at the LNP got us here. But sure you can’t trust labor with the economy, as they always say.
Don't forget the biggest employer is government. WA government is holding out for a 2.5% increase to public servant pay. This is on top of years of $1000 a year and the state having a surplus. Private sector pay rises often follow government pay rises. Also, Perth inflation last year was higher than the national inflation with 5.7%. So they want public servants to take a 3.2% pay cut. Yeah.. people think labor is pro union.
@@MrZoomah The NSW government capped public service wage rises at 1.5% in 2020 for 4 years. It's always Labor until someone has to point out against the popular narrative that the LNP do the exact same thing. Nsw government also doesn't like to hire full-time staff rather casuals of which a majority quit in the first year due to inability to be an adult in the most expensive state in Australia surviving on casual hours.
@@TheMuslimsarecoming I'm a union delegate and traditionally labor voter. Just annoyed that labor is basically becoming liberals lite now. Serve the mines. Hopefully we get some strong independents
@@MrZoomah They went to the last election with incredibly progressive policies and were destroyed by the electorate. It's honestly everyone else's fault they have to move the goal posts to get elected. With the Murdoch media brainwashing the politically uneducated and almost no way to combat it it's impossible for Labor to be the party that they once were.
Its not just them. Its both of the major parties and those just behind them. All bad policies since the 70s. At the end of the day they are all one and the same party, they all promise everything and deliver nothing and pay rises to themselves is there mandate. They dont care about anyone else.
When I went to high school a casual clothes day used to require a $1 donation. Today my 6 yo son had a casual clothes day and it was still a $1 donation. Now, the median house price in 1995 was $120k in Melbourne. Today its $1.1M. Imagine if your kids had to pay $10 for their casual clothes day donation lol, there would be a total revolt. Thankfully we've been able to hold down inflation on the things that matter! P.S. Philip Lowe if you are reading this it is not an invitation to issue Primary schools with a new casual clothes day donation forward guidance.
There's a much bigger problem. If you have some serious savings, for example, for a house, you're screwed. BAD.
I live in the suburb next to this woman and have quit nursing because of this very issue. The pay rises I have seen in my entire career barely ever matched inflation even before four years ago and we had to fight like dogs for every single one. Nurses get paid significantly less than teachers by the same government, but our degrees cost almost the same. Teachers get 12 weeks off plus public holidays, nurses get six we are expected to work shifts, weekends, nights, public holidays and be on call sometimes pulling 12 hour days, late shifts backing on to early with barely enought time to even sleep. Shifts never just work with day care hours- you also need before and after school care. And teachers get paid extra for taking students whilst nurses do not and actually can lose thier job for refusing. We are expected to work with the ill and high risk diseases but actually get LESS sick days than many office workers. It's disgusting and the government should be ashamed- I will discourage anyone to be a nurse any day- it's not worth it, nurses are used and abused.
The only winner is the government because they receive taxes on nurses incomes and the higher taxes on consumer goods costing more.
Working in medical field will guarantee a job with good salary and the medical workers will always be highly sought-after, unlike the other fields
Teachers who are casual get nothing. And there are more teachers these days. So please don't talk shit.
That was a great report! One of the best I’ve seen
When I was living in Melbourne after the 2008 GFC, rental prices were the biggest obstacle to proper quality of life. Now that I have moved out of Australia due to increasing police brutality and ridiculous mandates, housing is so much more affordable and I am actually able to save and invest, something that was impossible in Australia because every paycheck I got I had to think about this months rent, next month's rent and a future months rent. Don't believe anyone who says Australia was shielded from the housing crisis. You have no idea how much of an inflated bubble we live in until you actually leave Australia and see what other countries charge for rent. Where I am living now you can get an entire house for $600 per month. That's less than what it costs to rent a room in a house in Australia. Just mind-boggling.
A person could only move to a much cheaper country if he/ she has a good online job or business. The developing countries have low salary standards, unless the person works as an executive there
Many other countries have a even worse police force and government. Stay where you are Australia does not need you.
Got a good point. I’ve been working in digital sector in Thailand for last few years and this is the kind of news that worries me about moving back home. Yes you can definitely save more on an exec salary as food an accommodation is much less. And yes the police and government are all too fond of brown paper bags - but you understand how to live with it and it’s not such a problem. But it’s not for everyone.
@@joelc9439 Australia is pathetic ,our politicians are bullshiting us 😂 with fake marketing campaigns
@@containedhurricane most american cities only charge $500 a month for rent. Australia is just too damn expensive especially with our stagnant wages
Having to use savings for everyday things is not backwards? Maybe you Aussies have a different definition of backwards then. As an Americans, that is definitely backwards and unsustainable. 🤔
Was the Reserve Bank of Australia’s money creation policy that resulted in the minting of a few hundred billion new dollars to buy government debt mentioned in this report? Each one of those new dollars slightly decreased the purchasing power of all of the other dollars in circulation.
exactly
Shhh 🤫 No one, not even the so called “lefty” ABC wants to touch that one 🙄
Fiat currency is the greatest scam of all time
Nothing wrong with Keynesian economics
Print money to pay off debts and service of the economy 🤪
@@Archdog pyramid
Need hard money again.
That economist near the end saying people won't go backwards because they'll use savings. If your net worth is decreasing how is that not going backwards?
I'm sorry but I think that guy is a twit.
"The way to get wages up is to drive unemployment down"... as if the numbers haven't been manipulated to the point of being useless at this point. Also, no questioning of the methodology used to calculate inflation, which grossly underestimates it.
Free market tw*ts still using the logic of long dead ✨ trickle down ✨economics. Why would businesses raise wages above the legislated minimum? This is capitalism BABY. Profits rule everything around me. This mess is going to see the middle class shrink so significantly it is honestly terrifying. Where are they get tax revenue now???????? Certainly not corporations while LNP is still in town.
@Zo 🌻 it doesn’t have to - we have sovereign currency, we can do what we like. It’s just that what we’d ‘like’ is for Scott Morrison to give tax dollars to his buddies. One of the most disgusting myths in Australian discourse is that liberals are good economic managers. One need only look to the to the OECD literature to work that out. We will never recover from Scott Morrison and it’s sick that the ABC reports on it as they do.
Families are in crisis in every way. And kids still have dreams and know it is not fair, the bitterness and contempt is overwhelming.
Cost-push... Rates won't make a difference unless you seek to appreciate the currency. I bet profit margins will stay the same though.
Those of us on EBAs (enterprise bargaining agreements) with 3 or 4 year terms will definitely fall behind unless we managed to negotiate yearly wage rises well above average.
The moral hazard is that with inflation high, people who have a lot of housing debt is till better off in real terms; cost of debt is currently substantially lower than real inflation.
Could the low interest rate is the reason for that?
Considering more Australians are renting these days and less people own, we shouldn't take care of owners just because of sheer numbers of people who rent. This is terrible for the middle and lower class who don't have any housing debt. Also landlords will simply raise rents to counter inflation further driving the divide between rich and poor.
What is “wage growth”?
Well if you all voted for green power a long time ago the oil prices wouldn't have the same impact would they?... You reap what you sow Australia.
You mean like Germany 🙄
@@MrMr-ws3tv Germany closed it's nuclear plants for no good reason. More like France
@@Fishmans Not that I disagree with the original comment but energy prices are still going up like crazy here in France atm
Do you mean the Brent & WTI prices? Like Australia has any influence on that price 🙄
Learn about our grid it will get really bad I have worked on it for over 20 years. Go off grid while you have a chance .🌹
Obviously people have too much money. Seriously. $1900 after tax? Let's assume that's fortnightly. I have been surviving for a long time on $600 wk. Single parent. Mortgage. All the standard bills. Private school for my kids. Rationing is nothing new here.
100-150 a week .....that was 30 years ago
Russia, Belarus and China produce around 70% of the worlds Potash, a vital ingredient in all commercial fertilisers, and their all allies. If they decide to stop selling Potash to the Western World a devastating depravation of food would arise. This gives these countries immense leverage over the West.
Adjust lifestyle and buy only what you need and downsize 👍
The groceries just keep inching up all the time.
Because they can.
It seems that we, in fact were not "all in this together"...
Thankfully my Houses are fully paid off.... Rent in my area is $3,100+/month and home prices $1.2M+ and up..... it's pretty crazy nowadays...
With Fed increasing interest rates a few more times this year will put Home affordability out of reach for most...
Exactly, when interest rates go up, house prices go down.
Now ABC decides to cover this when it was obvious a year ago. Way to go 😉
The problem isn't inflation. ITS FLAT GREED BY BUSINESSES PISSED OFF , they didn't make their profits for 2 yrs. 😊
I live paycheck to paycheck and I make 24usd an hour working 12hrs a day the cost of living has far exceeded the wages earned for decades and greeds gonna lead to humanity's downfall
Don't worry Australia. As the RBA says that because you saved so much $$$ during lockdowns you can pay for inflation and they don't need to raise interest rates. I'm not kidding, Philip Lowe actually said it, look it up lol. Meanwhile to our can look forward to your CPI adjusted wage increase off 1.1%
Phillip lowe is me and my son's favourite muppet. 😝
I want to send him a calculator.
do you think I should send it with extra battery's lol
Mr ceo of spc definitely eats his own products 😂😂😂😂😂
So if everybody spends less there won't be an inflation?
When that nurse lady said she gets $1900 in hand after tax, is that per week or per month?
per fortnight
We have gone green when no one can afford to heat their home or drive anywhere, be careful what you fight for
Going green is to invest in alternative energy so you don't kill the environment *as much* and you can still have the basics.
@@salemend6891 not being able to heat our homes or be able to afford to go to work is a major problem
@@damnyankeesdaughter5427 Duh tell me something new. Alternative energy, better investment in public transportation (At least for the U.S. idk about Australia) and zoning can alleviate that issue.
But yet you wanted to make a dig at green energy. With the worst example lmao.
@@salemend6891 instead of saying alternate energy which has no information lay out the plan so I understand because right now thousands will freeze and die this winter
Try being on a dsp where you are put in the same boat as someone on the dole.
People on the dole are not your enemy the government who gave billions of tax payers money to profit making billion dollar companies are the enemy.
Stfu ... People on the dole still get less.
DSP is paid more than Jobseeker aka dole or youth allowance
Going to show my age. In the US when I was a kid my dad gave me $1 I go to the store to get him a pack of cigarettes had change left over for a can of soda and bag of chips for me. Now it takes $20 to get those items.
Wow !! from what decade are you from?
@@illseeyouindisneyland5192born 1967
Maybe it’s time to go back to basics : no fastfood or restaurant excepted once in a while. Baking and cooking from unprocessed bases… vegetables, fruits, cereales, flour and rice .
The only positive is that any money in savings/CD will pay 3 percent by the end of the year.
Interest on deposit accounts will lag significantly, don't hold your breath
"I would love to pass on wage increases to my employers because they deserve it!" Okay then just do it. So sick and tired of these stupid boomer business owners umming and aahing about our livelihoods. Yea newsflash, the generation you're refusing to pay fairly probably aren't going to be too spend happy.
Two words, "Great Reset"
Thanks LNP. You've absolutely failed the country
Both parties are to blame, look at Victoria and the huge amount of economic damage Dan Andrews created with his 9 months of lockdowns
@@jordywatson7829 hardly. This is almost all currently due to a skilled labour shortage and a complete reliance on petrol. Labor wanted to move us quickly to EVs at the last election. I'm not under the illusion things would have been simply rosy, but this federal government completely fails to act even on natural disasters.
It was the lnp that let covid into the country in the first place.
@@JoshuaMcTackett gtfo the migrants drive down wages, they are just a cheap source of labour for big business to exploit.
@@Schizobateman No surprise considering that the John Howard government was the one to increase immigration. LNP know how to exploit yellow and brown people good.
Everything is getting more expensive, only one thing is getting cheap.
LIFE
Welcome to America
yep accurate I try to make $150 last for almost 2 weeks for me and my kiddo. Good thing i’m looking to lose weight anyway! Grow your own food if you have land people. Black or white all ancestors grew their own food before Big Business
Mr. Koler, how does dollar deflation fit into this? Are we actually seeing inflation, like demand outstripping supply, or are we just seeing currency deflation, aka loose lending standards to get asset out of a hole?
Mr Kohler will not discuss the Reserve Bank of Australia’s role in causing inflation. It is not politically correct to question their policies.
Do you mean dollar devaluation ? Inflation is essentially too much money supply in the economy. In other words too much printing of money and too much cheap money (low interest rates) over the last 10 years . The pandemic has accelerated inflation in that governments all over the world printed more money to prevent collapse of economy. As a result the dollar is losing its value as a result of inflation .
@@globetrotter6282 the restrictions of the last two years have also caused inflation. Restricting the supply of goods, services and labour has interrupted supply chains and production, thus reducing supply and causing shortages. Everyone talks about silicon chip shortages. Shortages go a lot further than them.
@@kdegraa Correct
The crux of the problem and always has been, is that wages do not mirror the increase in the cost of living. Many households cannot survive on one wage like they used to, many parents with young children, cannot work due to the cost of childcare as the cost has rocketed and many are forced to rely on family help or struggle with one income.
Even if wages go up so does everything else.
And they want to provide a $400 stimulus??? Are they insane?
They are greedy
I don't have a family or kids and I received a total of 2 checks in the beginning of the year and haven't seen a penny since. Im disabled so you know the struggle is real
At least you have a safety net in the US it doesn’t exist, sink or swim.
Using saving isn’t going backwards???? WTF?????
"The economy" and "burning oil" are basically the same thing. If oil is more expensive, everything else becomes more expensive. If there is less oil available to burn, the economy and living standards go down.
Cut to the balloon operator who says "were going to start the inflation process"
Using hot air balloons in this video was so damn funny.
Fuel prices are almost at $2 huh, it's rising so fast this is outdated before it airs. Paying over 2.20 a litre for 91 octane right now.
I'm already on the street, pay no mortgage or no rent, living costs reduced to $10-$20 a day. Jobseeker does seem like a viable option.
I know.. why do we
1. Blame China for everything
2. Ask for more government handouts
3. Spend more overseas trips to Bali and Thailand
4. Scream at the top of our lungs "support Australian products" but then buy more affordable stuff from Ikea/Daiso which is all made in China
5. Get yet another streaming service
6. Get that shiny new 2k iPhone that's predominately made in China
7. Continue to demonise the Asian working holidays here that are apparently taking all the work from us diligent hard working locals
8. Follow America into another immoral middle eastern war to score cheaper petrol for the next generation
9. Still blame China for everything
Cost of living solved.
Absolutely yes when did we become such whinger s. The only thing needed is for there to be a housing price correction. Doesn't have to crash but 30% Would do.
I sometimes wonder why people are surprised or get angry when prices rise, that's how our capitalist system works supply and demand , capitalism may have benefited the citizens in the past, previously wages kept up with the rise in prices, but today's capitalism benefits mostly the wealthy corporations , imagine I grow tomatoes, cost me $30per box I sell for $40 per box $10 profit, and I sell 1million boxes , I make 10 million profit , now my fuel bill is higher and it cost $35 to produce one box, so I cut my production in half to save fuel, that causes a shortage, so now I can sell my " half a million" boxes of tomatoes for $60 per box , now I make $25 per box and I sell only half a million boxes, but I make over 12 million profit, but my cost is half. I only need half my staff to make more money, just because I created a shortage, and that is how new capitalism works. And it's working for the few people at the top.
Because the capitalism is extremely close to its demise.. and we are here to see it and experience it in our lifetime.. they pushed the pedal to the floor… and we are going to take the big hit! The end of a cycle where average working person is going to suffer for
@@phobiazzzero4935 yes , when you have just a few angry people, the government can control them, but when we eventually have millions of angry people you you will not stop them. They will revolt.
Well just cut down on your Groceries! Groceries are not costing me more because I am buying much less. These Supermarkets are not making higher profit out of me!
Many people spend too much money on alcohol, tobacco and gambling.
And many people dont and are still struggling.