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Half of us are financially rooted, new report

August 12, 2019

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From the files of “news that surprises no one,” a new report has found that almost half of all Australian households spend their entire monthly income, while one in five don’t feel confident they could raise $3000 in an emergency.

The ME Bank ‘six monthly survey of financial comfort’ report found that stagnant wages were leaving many Australians struggling to cover day-to-day bills.

The euphemistically titled ‘financial comfort’ indicator of full and part-time workers has seen a steep decline since February, with just a third of households reporting an increase in annual income over the past 12 months.

One in every two Australians also felt it would be difficult to find a new job, which is the highest number recorded since late 2016.

“It’s clear from the latest report that there are increased concerns around job availability and underemployment,” ME consulting economist Jeff Oughton said.

The report also revealed a decline in comfort levels from homeowners with a mortgage and renters.

“It’s evident that despite the latest monetary policy changes, there remains high levels of housing debt worry and actual payment stress among Australians,” he said.

“The number of households contributing more than 30 per cent of their disposable income towards paying off a mortgage has remained steady at about 43 per cent, while the corresponding figure for renters has risen to 62 per cent – partly reversing the improvement reported in the previous two surveys.”

Financial comfort only increased in high-income households with more than $200,000 in income a year and for those with more than $1 million in their superannuation.

Reserve Bank governor Philip Lowe has called for state and federal governments to lift wages for public servants, which accounts for a third of the nation’s workforce, arguing it would stimulate growth across the broader economy.

The government has since shutdown the proposal such a move would have negative repercussions on keeping the budget in surplus.

Nine finance editor Ross Greenwood said the RBA is also calling for more jobs to be created as a possible solution to ease concerns.

“They believe if more people are in work, there is more competition, so wages will rise,” he said.

The “rest of Australia” responded with a hearty chuckle.

 

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46 Comments leave one →
  1. Tom R permalink
    August 12, 2019 2:46 pm

    And poor ‘financial comfort’ is a feature, not a bug 😉

    https://theconversation.com/ultra-low-wage-growth-isnt-accidental-it-is-the-intended-outcome-of-government-policies-113357

  2. TB Queensland permalink
    August 12, 2019 2:52 pm

    AS you say, From the files of “news that surprises no one,”

    It also includes this group of bludgers too … *

    The 2014­–15 Budget proposes to change indexation arrangements for the Age Pension, veterans’ pensions, Carer Payment, Disability Support Pension and Parenting Payment (Single) so that payment rates are only adjusted by movements in the Consumer Price Index (CPI). The measure will save $449.0 million over five years.

    And 3000 ADF vets on the street … welcome to Uber Kapitalism and the Corporatocracy …

    Is it true that a gasworks is being considered for the Outback?

    ++++++++++++++++++++++++++++++++++

    Meanwhile in other newsworthy “chuckles” … that may (or not) surprise quite a few naysayers …

    https://www.theguardian.com/australia-news/2019/aug/11/sydneys-desalination-plant-set-to-expand-as-drought-continues

    Wonder if Sydneyside commenters here, think about where the water is coming from when they make a cuppa? oh, the irony …

  3. TB Queensland permalink
    August 12, 2019 2:55 pm

    Ultra low wage growth isn’t accidental. It is the intended outcome of government policies

    Yep … keep ’em hungry, keep ’em cold, keep ’em frightened to keep ’em controlled!

  4. August 12, 2019 3:01 pm

    The standard of governence in this country is appalling from all sides of politics and the whole lot of em should be sacked!

  5. Tom R permalink
    August 12, 2019 3:02 pm

    In more laughable statements

    Hank Jongen, a spokesman for the Department of Human Services, said the department was reviewing the case. “We take the wellbeing of our customers very seriously,” he said.

    https://www.theguardian.com/australia-news/2019/aug/12/homeless-woman-says-centrelink-took-her-entire-3500-tax-return?CMP=share_btn_tw

  6. TB Queensland permalink
    August 12, 2019 3:49 pm

    Yeah, read that tale of woe, TR, sad, very sad … ’cause she is not the only one … suspect her story made the news because of the amount … $100 can be a fortune to many Australians … and Robodebt must make people more fearful for their future … it would me …

  7. TB Queensland permalink
    August 12, 2019 6:16 pm

    Half of us are financially rooted, new report

    I’ve been financially rooted all my life … so what’s fkn new?

  8. TB Queensland permalink
    August 12, 2019 6:18 pm

    I’ve been financially rooted all my life … so what’s fkn new?

    Usually by the Federal Government …

  9. TB Queensland permalink
    August 12, 2019 6:24 pm

    If its true that women are from Venus and men are from Mars … it’s time we declared Venal Martian Law … and turf all politicians back to where they came from!*

    The Politikans fucked up their own planets now they’re fucking up ours …

  10. Neil of Sydney permalink
    August 12, 2019 6:47 pm

    Unemployment is at 5.2% which is lower than anytime under Hawke/Keating. We are doing OK. It was at 11% when keating became PM. Fact is times have always been tough.

  11. Tom of Melbourne permalink
    August 12, 2019 9:50 pm

    Yes, a higher rate of wage growth would be good, but annual wage growth is still higher than the rate of inflation.

  12. Tom R permalink
    August 13, 2019 5:37 am

    but annual wage growth is still higher than the rate of inflation.

    yaays

    https://www.theguardian.com/business/grogonomics/2019/feb/21/wages-are-growing-faster-than-inflation-but-thats-not-saying-much

    I note nil no longer likes to compare us with the rest of the world, but with other times, times when underemployment wasn’t the issue it is now.

  13. Neil of Sydney permalink
    August 13, 2019 1:32 pm

    I think the real problem is the massive debt levels around the world. Here in Australia we were debt free in 2007. Then Swan/ALP trashed the budget and we have not run a surplus budget since 2007. Swan was able to spend spend spend because he was handed an economy with zero debt. That no longer applies. If another GFC hits we would have no solution. We are already running deficit budgets and that does not seem to be doing much. Unemployment at 5.2% is better than anytime under Hawke/keating. It was at 11% when keating became PM

  14. Tom R permalink
    August 13, 2019 1:51 pm

    Perhaps the current mob shouldn’t have doubled the debt, hey

  15. Neil of Sydney permalink
    August 13, 2019 2:14 pm

    Net govt debt was minus 3% of GDP in 2007 ie less than zero, 13% in 2013 and 19% now. Debt has increased under the Coalition but it has not doubled. May 2014 was the time to hit Labor debt and deficit disaster but Australia did not want to do that. Without surplus budgets debt will increase forever and that could not be a good thing

  16. Neil of Sydney permalink
    August 13, 2019 3:09 pm

    What is your point? Coalition tried to do something about Labors runaway debt truck but were blocked by the Senate. Looks like they then gave up. Govt spending cuts will get the budget back into surplus but Australia does not want to do that.

    Table 4 says net debt was minus $3.4% of GDP in 2007 ($40B) ie less than zero, 13.1% ($209B) in 2013 and $373B (19%) now.

    You should be apologising not giving your stupid opinion

    https://www.budget.gov.au/2019-20/content/bp1/download/bp1_bs10.pdf

  17. Tom R permalink
    August 13, 2019 3:12 pm

    What is your point?

    that you’re full of shit

  18. Neil of Sydney permalink
    August 13, 2019 3:25 pm

    I posted a comment. You did not have to reply. You commented to my post on debt that the Coalition should not have doubled the debt. They have not.

    It was minus 3% of GDP in 2007 ie less than zero, 13% in 2013 and 19% now. But they tried to do something in their first May 2014 budget but were blocked by the Senate.

    But you should be ashamed what Swan/ALP did to the budget. Have you ever tried to fix up a ALP mess?

  19. TB Queensland permalink
    August 13, 2019 7:06 pm

    You did not have to reply.

    https://www.theguardian.com/australia-news/2019/aug/13/christopher-pyne-had-discussions-with-ey-while-still-a-minister

    So comment on this shyte! (You might have to communicate with your Liberal Partisan members first)

  20. TB Queensland permalink
    August 13, 2019 7:11 pm

    I think the real problem is the massive debt levels around the world. Here in Australia we were debt free in 2007.

    Chuckle … and the calendar went from 2007 to 2009 … oops!

  21. TB Queensland permalink
    August 13, 2019 7:13 pm

    Without surplus budgets debt will increase forever and that could not be a good thing

    Do you have any debt?

    The fucking capitalist world RUNS on debt!

  22. TB Queensland permalink
    August 13, 2019 7:34 pm

    Govt spending cuts will get the budget back into surplus but Australia does not want to do that.

    AND the poor, aged, disabled, unemployed and veterans (who fought for your bullshit) SUFFER and pay the price … not the rich, privileged, corporate and politicians who pay less and retire on more …

    As usual they will eventually “reap what they sow” … as THEIR Good Book tells ’em … I refer to Hong Kong …

    I do wish I had been on the streets during the American War! (Ooops! We still call it the Vietnam War!)

    GO AND SEE – “DANGER CLOSE – The Battle of Long Tan” and remember ordinary 20+yo men conscripted from a life just like yours, killed in a fucking civil war about religion/capitalism/democracy or communism/capitalism …

    Of the 18 Diggers who died 11 of them were National Servicemen … no choice … no vote (21 not 18) … couldn’t legally have a drink (21 not 18) … less income (Army pay was shit!) … and careers fucked up by … the infamous Pig Iron Bob Menzies … and the Liberal Party!~

  23. Know`Collusion`Teabag permalink
    August 13, 2019 7:43 pm

    that ” surprises no one ” @-lt certainly doesn`t. This is what you get when you have a Govstapo destroying important things the nation needs at the behest of adolfCorp and its goose stepping white-shirts. As l`ve been saying for quite a while now, our problems are rapidly converging, and the type of fcukwits we have running the show, and the joint into the ground, have no hope in hell turning the ship around. But hey, if the dumbfcuks in charge had bothered to work out the `gdp` of everybody(99%) outside the all-mining sector, it was obvious the wheels were going to fall-off sooner or nearer.

    FMD, silly old tunc has tumbled into the echo chamber trying to claim as much victimhood as he can, even tho he has managed to have enough job stability to pay-off `two` houses. Yeah, you`re a `real` economic refugee. )-:

  24. Neil of Sydney permalink
    August 13, 2019 8:00 pm

    How did we get onto the Vietnam war? Fact is without budget surpluses govt debt will increase forever and that is not a good thing. Only someone that does not care about people would vote for something like that

  25. Tom of Melbourne permalink
    August 13, 2019 8:16 pm

    Is there a single success story that involves high and increasing government debt?

  26. Neil of Sydney permalink
    August 13, 2019 9:05 pm

    Lefties do not care about people. They think they are doing good if they run deficit budgets and give free stuff to people. It is that attitude why debt always increases under Labor and has continued to increase under the current govt. But that is not caring about people.

  27. Tom of Melbourne permalink
    August 14, 2019 1:43 pm

    “The fucking capitalist world RUNS on debt!”

    That isn’t even Eco 101.

  28. Tom R permalink
    August 14, 2019 2:45 pm

    Nil just can’t accept the Fact that the libs jave doubled the debt lol

  29. Neil of Sydney permalink
    August 14, 2019 3:18 pm

    Whatever. Fact is govt debt was minus 3% of GDP in 2007 ie less than zero, 13% in 2013 and 19% now.

    Do you know anything about maths and the difference between small and big numbers? It is much easier to double a small number than a big number. So taking debt from 4% to 8% is much easier than taking debt from 50% to 100%.

    But you cannot put an increase in debt under Rudd/Gillard because it went from negative to positive. It went from minus 3% to plus 13%.

  30. Tom R permalink
    August 15, 2019 8:59 am

    It’s all going so well

    https://thenewdaily.com.au/money/finance-news/2019/08/14/wages-growth-june-quarter-2019/

    I also note that a certain bishop is “playing the gender card”

    Hypocritical fuckwit!

  31. August 15, 2019 9:56 am

    koj bhd ngu

    The commies at my abc are chortling pretty loud over their recent victory. ” NSW Minister for Better Regulation Kevin Anderson ” l wonder if this will spread to boltsvillage. Can you imagine. Who would of ever thought there would be a Minister for Better Red-Tape anywhere in this country. LimitedNews must be having kittens.

  32. Tom R permalink
    August 15, 2019 10:01 am

    Cutting red tape will be one of the government’s top priorities in this term of parliament, with the Prime Minister vowing to remove regulatory blockages to economic growth.

    https://www.skynews.com.au/details/_6051435729001

    blundering on towards Oblivion

  33. August 15, 2019 11:10 am

    Hee Haw .. Hee Haw .. As herds of imbecile bray their mythical `surplus` econoBabble .. which will never arrive, as state/s treasury/s are already pre-loaded with (not)insured constructionCorp negligence cladding crumbling liability/s .. the only `surplus` that WILL be delivered to their veryOwn baby brayers is plenty of micro plastic in the food chain.

    ~

    sbs ” Ice samples collected from a remote section of the Arctic has researchers stressing the threat of pollution to marine life, after the scientists discovered the global scourge of pollution extends to some of the most pristine and remote areas of the world. Micro-plastic pieces were uncovered by teams during an 18-day ice breaking expedition through the Northwest Passage linking the Pacific and Atlantic oceans.”

  34. Tom R permalink
    August 15, 2019 12:18 pm

    It’s not the droughts killing our river system, it’s vested interests.

    And the documents prove it

    https://www.theguardian.com/australia-news/2019/aug/15/documents-reveal-500m-broken-hill-pipeline-built-for-benefit-of-irrigators

  35. Tom of Melbourne permalink
    August 15, 2019 2:17 pm

    My comment about a really important issue… reclining a seat on an aircraft.

    *Only recline the seat if the flight is over 3 hours, and
    *It is during a time that when sleep may be expected

    I think regular flyers would see the sense in this.

  36. Tom R permalink
    August 15, 2019 3:36 pm

    OR

    i”f there’s an aging surfer behind you you want to piss off”

  37. TB Queensland permalink
    August 15, 2019 7:34 pm

    *Only recline the seat if the flight is over 3 hours, and

    LOL! MOst companies and especially government fly employees and consultants Business Class over 3 hours … where/who did you work for? LOL!

  38. TB Queensland permalink
    August 15, 2019 7:39 pm

    Fact is govt debt was minus 3% of GDP in 2007 ie less than zero, 13% in 2013 and 19% now.

    er … the remainder of the comment is childish gibberish!

    ++++++++++++++++++++++++++++++++++

    “The fucking capitalist world RUNS on debt!”

    That isn’t even Eco 101.

    Please explain?

    Bet ya can’t …

  39. Tom of Melbourne permalink
    August 15, 2019 9:47 pm

    I think I may have done a little more flying than you TB and –
    1. I fly first class overseas (for leisure) using my vast accumulation of points, and
    2. Anyone would be foolish paying for real business or first class for leisure on domestic flights, and
    3, How long is it since you’ve worked? I think you were retired when you started on blogocracy about 12 years ago. Standards have changed and these days the differentiation is domestic vs international.

  40. Tom of Melbourne permalink
    August 15, 2019 10:23 pm

    Please explain?
    Bet ya can’t …

    It means that the comment is trite, sub Eco 101.

    Do you think public debt is the same as private debt?

  41. Tom R permalink
    August 16, 2019 8:27 am

    yomms done more flying than anyones ……………..

  42. Walrus permalink
    August 16, 2019 10:15 am

    But why didn’t all the water flow out of the bath tubs as the plane banked to Tahiti ?

    #truthinadvertising

  43. Tom R permalink
    August 16, 2019 10:25 am

    But why didn’t all the water flow out of the bath tubs as the plane banked to Tahiti ?

    Dude, this advert was made years after the first series of Star Trek

    wow 😉

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