"Australians richer, but only a bit happier"
Apr 13th 2011, 7:59 am
#1
Daffyd Duck
Thread Starter
Joined: Jul 2008
Location: Paradise
Posts: 5,636
"Australians richer, but only a bit happier"
http://www.smh.com.au/business/austr...413-1ddwt.html
Households may feel they are suffering under the burden of day-to-day living, but apparently Australians have never been wealthier.
New data suggests that individual wealth is at record highs and debt levels are at a four-year low.
The data - compiled by the Federal Treasury and the Australian Bureau of Statistics and released today - showed that private-sector wealth rose by 1.3 per cent in the final three months of last year to a record $6 trillion.
Commonwealth Securities (CommSec) calculates that per capita wealth increased $2600 on average in the December quarter to $266,600.
As such, CommSec chief economist Craig James believes consumers are more focused on perceptions rather than reality.
‘‘For most, the perception is that they are going backwards - the cost of living is rising, incomes aren’t keeping up and wealth levels are stagnating,’’ Mr James said. ‘‘But the reality is that incomes continue to grow at a faster pace than prices, while balance sheets are improving through record wealth levels and reduced debt levels.’’
New data suggests that individual wealth is at record highs and debt levels are at a four-year low.
The data - compiled by the Federal Treasury and the Australian Bureau of Statistics and released today - showed that private-sector wealth rose by 1.3 per cent in the final three months of last year to a record $6 trillion.
Commonwealth Securities (CommSec) calculates that per capita wealth increased $2600 on average in the December quarter to $266,600.
As such, CommSec chief economist Craig James believes consumers are more focused on perceptions rather than reality.
‘‘For most, the perception is that they are going backwards - the cost of living is rising, incomes aren’t keeping up and wealth levels are stagnating,’’ Mr James said. ‘‘But the reality is that incomes continue to grow at a faster pace than prices, while balance sheets are improving through record wealth levels and reduced debt levels.’’
Apr 13th 2011, 8:01 am
#2
Proudly Deplorable
Joined: May 2003
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Re: "Australians richer, but only a bit happier"
Apr 13th 2011, 8:05 am
#3
Daffyd Duck
Thread Starter
Joined: Jul 2008
Location: Paradise
Posts: 5,636
Re: "Australians richer, but only a bit happier"
money/wealth can't buy happiness
and there are priceless things in Aussie life taken for granted
and there are priceless things in Aussie life taken for granted
Apr 13th 2011, 8:44 am
#4
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Location: London - but only until I can afford to move back to Sydney
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Apr 13th 2011, 8:58 am
#5
Forum Regular
Joined: Aug 2007
Location: UK again
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Re: "Australians richer, but only a bit happier"
Meanwhile, in the UK
http://www.telegraph.co.uk/news/ukne...-campaign.html
http://www.telegraph.co.uk/news/ukne...-campaign.html
http://www.telegraph.co.uk/finance/e...-Italians.html
Apr 13th 2011, 10:20 am
#6
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Re: "Australians richer, but only a bit happier"
I sat on a rock this afternoon in the sun catching whiting and flatheads all afternoon. I don't work yet but i am the happiest man alive
Apr 13th 2011, 10:30 am
#7
Living our life wherever
Joined: Jan 2007
Location: came back to oz after moving back to uk but not settled here so uk here i come, last time im moving
Posts: 361
Re: "Australians richer, but only a bit happier"
This survey must of been on a politician and not the working family as we are worse off now than five years ago,Australia is heading for a fall
Apr 13th 2011, 5:36 pm
#8
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Re: "Australians richer, but only a bit happier"
If everyone, or even most people, believe negatively then you might be right. Thats often what causes recessions - people lose confidence. Australia is fine. Be positive.
Apr 13th 2011, 11:44 pm
#10
Proudly Deplorable
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Apr 14th 2011, 12:24 am
#11
Not allowed opinions.
Joined: Dec 2009
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Re: "Australians richer, but only a bit happier"
Apr 14th 2011, 4:41 am
#12
...giving optimism a go?!
Joined: Jun 2007
Location: Brisbane (leafy, hilly western suburbs)
Posts: 2,202
Re: "Australians richer, but only a bit happier"
I've been getting worse off every year since about '98.
My highest rate of pay relative to my cost of living was just before I left the UK. Since then (12 years ago) its been on a downward trend. I if only I realised back then how luxurious it was to have 'excess income'!
Now, of course I must take some responsibility for this downfall. I chose to move to an country where my career options were limited and I was a less valued member of the workforce (I.T.). I chose to make career choices where non-work priorities were valued over career advancement and I also chose more recently to try and shift my skills to a less technical bias (i.e. less prosperous).
I also chose to have kids - which has had the greatest impact on the 'cost of living' side of the equation.....
My highest rate of pay relative to my cost of living was just before I left the UK. Since then (12 years ago) its been on a downward trend. I if only I realised back then how luxurious it was to have 'excess income'!
Now, of course I must take some responsibility for this downfall. I chose to move to an country where my career options were limited and I was a less valued member of the workforce (I.T.). I chose to make career choices where non-work priorities were valued over career advancement and I also chose more recently to try and shift my skills to a less technical bias (i.e. less prosperous).
I also chose to have kids - which has had the greatest impact on the 'cost of living' side of the equation.....
Apr 14th 2011, 5:37 am
#13
Lost in BE Cyberspace
Joined: Oct 2008
Location: Perth
Posts: 6,775
Re: "Australians richer, but only a bit happier"
Generally it has got worse with an ever increasing number of folk going backwards as a result the increasing divide between the haves and have nots which has increased rather rapidly.
Smugness though has increased in leaps and bounds over the years.
Smugness though has increased in leaps and bounds over the years.
Apr 14th 2011, 5:41 am
#14
Rhino with a big horn!
Joined: Feb 2011
Posts: 3,117
Re: "Australians richer, but only a bit happier"
Meanwhile, in the UK
http://www.telegraph.co.uk/news/ukne...-campaign.html
http://www.telegraph.co.uk/news/ukne...-campaign.html
Apr 14th 2011, 5:43 am
#15
Mostly Harmless
Joined: Jan 2010
Location: Semi-rural wonderworld, Brisbane
Posts: 15,109
Re: "Australians richer, but only a bit happier"
How dare you go off enjoying yourself without calculating the relative cost of that enjoyment compared to at least 1 continent and 5 'first world' countries.
And to within 2 decimal places at that (please show your working).
Now, go away and think about what you have done.
You must read 3 daily newspapers in succession and say 5 'Hail Murdochs' as penance.