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Australian Poverty takes off.


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#1 George Rowell

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Posted 05 January 2019 - 04:34 AM

Australian poverty is now calculated to have reached 13.2 %, yet this year Australian median wealth overtook Switzerland to become the World's greatest, so what gives?

https://www.theguard...-report-reveals

Poverty in Australia is growing, that seems impossible, yet wealth is growing despite a falling property market (-3.5%). Unemployment is at 5.4% and has been steady for several years. The wealth is crammed into the upper 20%. Particularly disturbing is 17.3% of children are now living in poverty.

https://www.abc.net....ecline/10454166

https://www.theguard...says-new-report

Australia used to be the land where anyone who rolled up their sleeves and were prepared to work hard would get rich. Looks like that has come to an end and that is a shame. I get the impression when all the data is in and we get a clearer picture, Australians are not going to like it. I think low qualified immigrants in particular are going to have their dreams crushed.
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#2 pnwguy

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Posted 05 January 2019 - 09:59 AM

You could call it the Murdochization of an economy. Whatever country that rat bastard infects with his media manipulation, the more the culture begins to celebrate a winner-take-all society.

I was in Melbourne at the end of October, and I did hear of how overheated their real estate market had become. So I imagine that a correction for there and Sydney is overdue, just as it is in places in the US like San Francisco and Seattle. It's hitting us here in Portland as well.
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#3 gmat

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Posted 06 January 2019 - 05:05 PM

The government’s proud of their balanced budget though. Unfortunately, the opposition party is hung up on the same bullshit.

http://bilbo.economi...1158#more-41158

#4 George Rowell

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Posted 06 January 2019 - 09:04 PM

View Postgmat, on 06 January 2019 - 05:05 PM, said:

The government’s proud of their balanced budget though. Unfortunately, the opposition party is hung up on the same bullshit.

http://bilbo.economi...1158#more-41158
am
Could not agree more. As a socialist by heart I am disappointed by the socialist candidates and their un-electable policies. They appear on television and whinge instead of looking like leaders. Frankly it is sickening, and their failure means social deprivation will continue unabated.
Social deprivation and peer pressure is what is so concerning about the 17.3% of children in poverty. They do not go hungry, nobody goes hungry in Aus, but some of that 17.3% will dread going to school and having to miss out on school trips and the like. I am not a sociologist but it is no leap of the imagination to see how poverty can stunt mental growth and performance for life.
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#5 George Rowell

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Posted 06 January 2019 - 09:21 PM

View Postpnwguy, on 05 January 2019 - 09:59 AM, said:

You could call it the Murdochization of an economy. Whatever country that rat bastard infects with his media manipulation, the more the culture begins to celebrate a winner-take-all society.

I was in Melbourne at the end of October, and I did hear of how overheated their real estate market had become. So I imagine that a correction for there and Sydney is overdue, just as it is in places in the US like San Francisco and Seattle. It's hitting us here in Portland as well.
Well some pundits in The Guardian are predicting an Australian property value downturn of 50%. That will rattle the cage. If that happens the average family will lose $300k. Most owners will want to ride out the storm and not sell until it picks up. That will further depress the economy, not to mention the 2% government stamp duty.
I think there is some lag in the statistics. Housing forms a large proportion of Australian wealth and it looks like it may go into free fall.
A doctor knows a little about a lot. A specialist knows a lot about a little. In time the doctor knows less and less about more and more and the specialist knows more and more about less and less until ultimately the doctor knows nothing about everything and the specialist knows everything about nothing.

#6 George Rowell

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Posted 07 January 2019 - 03:03 AM

View Postpnwguy, on 05 January 2019 - 09:59 AM, said:

You could call it the Murdochization of an economy. Whatever country that rat bastard infects with his media manipulation, the more the culture begins to celebrate a winner-take-all society.

I was in Melbourne at the end of October, and I did hear of how overheated their real estate market had become. So I imagine that a correction for there and Sydney is overdue, just as it is in places in the US like San Francisco and Seattle. It's hitting us here in Portland as well.

I think I should complain about your depiction of Murdoch as a rat bastard. It is totally unfair to rats.
A doctor knows a little about a lot. A specialist knows a lot about a little. In time the doctor knows less and less about more and more and the specialist knows more and more about less and less until ultimately the doctor knows nothing about everything and the specialist knows everything about nothing.

#7 Traveler

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Posted 07 January 2019 - 11:44 AM

View PostGeorge Rowell, on 06 January 2019 - 09:21 PM, said:

Well some pundits in The Guardian are predicting an Australian property value downturn of 50%. That will rattle the cage. If that happens the average family will lose $300k. Most owners will want to ride out the storm and not sell until it picks up. That will further depress the economy, not to mention the 2% government stamp duty.
I think there is some lag in the statistics. Housing forms a large proportion of Australian wealth and it looks like it may go into free fall.
Its been far too long, but housing in Oz always seemed to me to be overinflated due to negative gearing reducing the actual cost of funds so houses were overvalued. Sydney in 2013 was out of hand. So frankly, glad to see the bubble deflating. Hopefully it wont burst, but that remains to be seen.
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#8 George Rowell

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Posted 07 January 2019 - 11:46 PM

View PostTraveler, on 07 January 2019 - 11:44 AM, said:

Its been far too long, but housing in Oz always seemed to me to be overinflated due to negative gearing reducing the actual cost of funds so houses were overvalued. Sydney in 2013 was out of hand. So frankly, glad to see the bubble deflating. Hopefully it wont burst, but that remains to be seen.
Me too. I think a lot of bad things have aligned for Australia. Aus is at a peak right now but there is a lag in the data and it does not look good. It will not affect Wen (wife) and myself practically, we want to live our live just here.
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#9 Rich T Bikkies

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Posted 08 January 2019 - 02:57 AM

View PostGeorge Rowell, on 07 January 2019 - 11:46 PM, said:

It will not affect Wen (wife) and myself practically, we want to live our live just here.

So it's George and Wen? Pity your name's not Assad; you could then be As and Wen. 😁
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#10 George Rowell

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Posted 08 January 2019 - 05:59 AM

View PostRich T Bikkies, on 08 January 2019 - 02:57 AM, said:

So it's George and Wen? Pity your name's not Assad; you could then be As and Wen.
Would Wen and As have the same ring. I know my place.
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#11 Rich T Bikkies

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Posted 08 January 2019 - 06:01 AM

View PostGeorge Rowell, on 08 January 2019 - 05:59 AM, said:


Would Wen and As have the same ring. I know my place.

😱😬
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#12 D. C. Sessions

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Posted 08 January 2019 - 07:59 AM

Right up until As gets bitten by a werewolf.
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