• You must be logged in to view threads on this forum. Please sign up by clicking here to continue viewing content on the mighty South Sydney Rabbitohs.

The Economy

daRque

Master
Joined
4 Sep 2017
Messages
9,845
Reaction score
7,456
I am no financial whizz and don't pretend to be, so here is my question.

I heard an economist on the radio this week talking about the economy in general and also inflation.

He said the inflation figures the govt release are absolute bullshit. He said the reason why is that our two biggest spends on a week to week basis are energy and food.

He said the inflation figures for energy and food are NOT included in the figures the govt releases.
He said if they were the inflation rate would be more around 11% so essentially they lie.

Anyone know if this is true?

I assume an economst would know and would not say this if it wasn't true, but then who knows.
 
Hmmm, just found this which seems to indicate the economist was right.

1709350631186.png
 
All I know is that in the last few years my pension has gone up about 6% which is higher than some of the wage rises my own kids have received and the cost of just about EVERYTHING has gone up much much more than that. My wife and I have given up holidays, dinners out, we buy take away coffee once a week and take our own biscuits. Mind you TimTams are still cheap!
 
Yeah just released average wage $100k.p.a,.
Wife and I total round $40k combined and knocked back for a pension.
Who are these palookas getting so much dough,used car salesman,real estate agents,vape sellers?
Skilled tradesman wouldn’t be on the payroll.
Something very much amiss in our society!😡
 
Last edited:
Depends on your job, if your in a job that really benefits from high immigration like the building trades your doing great, but if your in a job that the govt has targeted with 457 visa workers you have nothing to bargain with and you will keep going backwards, this is how a govt fudges recession figures, massive immigration means more dollars into the economy , they dont seem to worry about your quality of life or the health systems ability to cope, same for housing..
All I know is that in the last few years my pension has gone up about 6% which is higher than some of the wage rises my own kids have received and the cost of just about EVERYTHING has gone up much much more than that. My wife and I have given up holidays, dinners out, we buy take away coffee once a week and take our own biscuits. Mind you TimTams are still cheap!
 
 
Yeah just released average wage $100k.p.a,.
Wife and I total round $40k combined and knocked back for a pension.
Who are these palookas getting so much dough,used car salesman,real estate agents,vape sellers?
Skilled tradesman wouldn’t be on the payroll.
Something very much amiss in our society!😡
I actually feel your pain, i had been living (if you can call it that) on a super pension of $400 a week, and refused an age pension. I now have a part pension but not sure if i will have 1 after the next assessment.
 
I actually feel your pain, i had been living (if you can call it that) on a super pension of $400 a week, and refused an age pension. I now have a part pension but not sure if i will have 1 after the next assessment.
My brother-in-law has just signed up for a challenger annuity and he is very happy with his choice, apparently only 60% of it is counted when applying for an age pension at 67 years of age so it may be worth considering as you could transfer your superannuation over.

Another trick is to get a separation (if you are married) where your wife gets the house and you get the superannuation, your wife is then entitled to claim the age pension, you can do this while still living under the same roof.
.
 
Just curious, Labor seem very happy about where the economy is at and boast about it.

How do people here feel about the economy? Do you feel it's good as Labor believe, or do you think society is struggling in general and the economy is dog shit?
 
Just curious, Labor seem very happy about where the economy is at and boast about it.

How do people here feel about the economy? Do you feel it's good as Labor believe, or do you think society is struggling in general and the economy is dog shit?
Not sure myself but if the pundits are tipping recession then it can't be too good, the evidence will be in retail sales and employment data I guess.
.
 
Victoria will soon learn that socialism is great right up till you run out of other peoples money, to quote PM M Thatcher.
Tax rise ‘last nail in the coffin’ for Victorian property investors
Gus McCubbing
Reporter
Mar 4, 2024 – 6.38pm

Property manager Carmen Littley says she has lost 52 investor clients since the Victorian government targeted landowners with extra levies in its budget last year, which she describes as the “final nail in the coffin” for many owners.
She warned that property investors leaving the market would further hit rental stock because owner-occupiers tend to have fewer people in a house than renters, which could potentially further increase asking rents.
f24c870fb46da032d03d92d46c4be85fbf82ecce

Melbourne property manager Carmen Littley says rents will rise even further if property investors sell out of Victoria. Eamon Gallagher
Land tax increases piled up alongside the fastest interest rate rising cycle in a generation and multiple local government rate rises, said the agent, who is based in the western suburb of Werribee.
“There’s no incentive to invest in property in Victoria,” Ms Littley told The Australian Financial Review.
“Landlords have been targeted to pay off debt the state’s debt, so it’s a no-brainer. The land tax increases were the final nail in the coffin.”

Victorian Treasurer Tim Pallas last year said the COVID-19 debt levy would hit “those most able to pay”, extracting $4.7 billion from property investors over the next four years, along with $3.9 billion from businesses with payrolls above $10 million.
Landowners would pay an average of $1300 in extra land tax, although tax experts said the change equated to a $1675 increase on land worth $1 million. Family homes are exempt. Economic research organisation e61 released a report this year showing Melburnians face the highest stamp duty in Australia.
The tax slug, which hit 380,000 additional landowners, will raise $4.74 billion over the forward estimates by cutting the tax-free threshold for land tax from $300,000 to $50,000, imposing new yearly flat fees and increasing the rate of tax payable on properties over $300,000 by 0.1 percentage point.
One of Ms Littley’s clients, Marcelline Parker, moved to sell her two-bedroom investment unit in Werribee this week after receiving a land tax bill for $975 on her property which had total taxable value of land of $112,000.
“The land tax was the final blow. Just because you have an investment property, it doesn’t mean you’re loaded,” the office administration worker said.
“The state government has us by the you-know-what. It’s not worth it.”

Geoff White, a real estate agent for Barry Plant with a focus on apartments at Melbourne’s Docklands, estimated that half of investors selling out were doing so because of “unsustainable” costs including land taxes and owners’ corporation fees.
“The supply of private rental is dwindling and that’s very concerning. Property investors have had a multitude of expenses thrown at them and the land tax was the icing on the cake,” Mr White said.
CoreLogic research director Tim Lawless said 31.7 per cent of new mortgages written in December in Victoria were for investors, which was below NSW at 40.7 per cent, and the national average of 36.2 per cent.
In addition to higher land taxes in Victoria, other cities such as Perth and Brisbane offered higher yield, better growth and lower buy-in prices for investors than Melbourne, he said.
“There is absolutely a risk of flight from Victoria,” he said.
Property Investments Professionals of Australia director Richard Crabb said the industry body’s annual investor sentiment survey released in September showed Victoria was the least attractive state for investors in the nation.

The survey also found that 25 per cent of respondents sold at least one investment property in Melbourne in the 12 months to August last year — the worst of any capital city — with rising land taxes the top concern.
“Victoria is in the grips of a rental crisis driven by a drastic undersupply of homes and significant demand from tenants, but it is leading the charge with restrictive, unfair and inefficient legislative reforms that adversely impact property investors,” Mr Crabb said.
Global ratings agency S&P last week revealed it projected Victoria’s gross debt to reach $247.2 billion by 2027.
 

Latest posts

Back
Top