Politicians admitting, they are doing this to buy votes. They're not doing it because they're not greedy and they're not doing it to help people other than the politicians themselves. Btw, it can wait till just before election time to gain the most effect for politicians. I knew beforehand the fukkers would pull this stunt.
This isn't a cure all but I like it because it may encourage FHB to just get in the market. Keeping up with the Jones's and holding out for that freestanding (monstrosity) house is part of what is holding people back. In Monopoly,I bought Old Kent Rd as soon as I could,every game.
When Government gets involved, the cost goes through the roof: The Weingart Tower, a high-rise homeless shelter in downtown Los Angeles, cost around $165 million to build: Funding The project was funded by Proposition HHH, a 2016 voter-approved law, as well as state housing funds and $56 million in state tax credits. Unit cost Each unit in the tower cost around $600,000 to build. Amenities The tower includes a gym, art room, music room, computer room, library, cafe, and six community balconies. Studio apartments The studio apartments are similar to what you might find in an extended stay hotel, with a kitchenette, bed, tables, chairs, bathroom, and TV A comparison, any private citizen could buy an older, one bed room condo, in many part of the city for $200K. Of course, no gym, art room, music room.... If they build more homeless shelters, maybe more people will become homeless so they can enjoy those amenities?
What a joke of a solution. I mean if they have no intention of building more housing this is the kind of brain dead solution they would come up with, which seems to be what is happening. If you have no intention of building more housing, the only other solution is to crash the economy like the US during the GFC. That will lower the housing price. Australia, NZ, UK & Canada are all too reliant real estate to maintain their nations wealth. Doing nothing but collect rent checks does not improve your productivity so your standard of living keeps going lower. Canada is the worst of these examples. I read recently that the median salary in Ontario is less than the median salary of Alabama -- one of USA's poorest states. I mean at least Oz still has a large mining industry, but its still heavily reliant on the Financial sector. I think the ASX is like 70-80% financial sector if remember correctly.
ASX WEIGHTING The values can be significantly skewed. Some sectors only contain a handful of companies (e.g. Communication Services) so there is little depth. Weighted averages can also be skewed by just a few companies. For example, Telstra Corporation (TLS) accounts for 57% of the S&P/ASX 200 Communication Services sector (June 2022). The TLS dividend yield will significantly affect the overall sector’s yield. Sector Breakdown Financial Services 30.8% Basic Materials 20.2% Healthcare 9.6% Industrials 8.4% Consumer Cyclical 6.8% Real Estate 6.6% Communication Services 4.6% Technology 4.3% Consumer Defensive 3.8% Energy 3.0% Utilities 1.8% So, financial sector 50% larger than mining/metals/materials. I think uranium stocks might be under Energy and not Mining/Materials.
More than 110,000 callers to Lifeline this year spoke of the same issue By Kate Aubusson November 4, 2024 https://www.smh.com.au/national/why...-for-this-crisis-service-20241102-p5knas.html Record numbers of people in financial distress are calling Lifeline as cost-of-living pressures take a serious toll on Australians’ mental health. More than 110,000 callers to the suicide prevention helpline so far this year disclosed that their distress was rooted in money troubles (300 a day). The true magnitude of financial stress was likely to be significantly higher, as thousands more were unable to express the cause of their anguish. Lifeline volunteer Liam Brennan says people are worried about being able to feed their families.Credit: Dylan Coker The highest number of calls in a single day was October 7, when there were 4405 contacts (3500 phone calls and 905 digital messages), about 1000 more than the peak in 2020 at the height of the COVID pandemic. In September, the service recorded four of its 10 busiest days to date; eight of the busiest 10 have been in 2024. “People are struggling to afford groceries and worry about whether they can feed themselves or their children,” said Liam Brennan, a Lifeline support volunteer. “Older women can’t afford to turn their heater on or [they] worry about using anything that needs power. “We get calls from people who are suicidal, but I also get calls from dad tradies who call after work because they had a tough day mentally, and they need to talk about what’s going on in their head before they get home and have kids to help look after.” Lifeline’s Financial Stress Toolkit web page has had almost twice the number of views as in the corresponding period last year (up 183 per cent). Lifeline Australia chief executive Colin Seery said there was a pressing need to invest in community-based programs that help people build financial resilience. The latest inflation figures show price pressures are starting to ease, but Australia’s cost-of-living crisis has been brutal on mental health. Many families are struggling to keep up with mortgages or rising rents and to pay for groceries, power bills and fuel. Seery said: “Add to these multiple other factors happening at the same time, from domestic and family violence and social isolation to extreme weather and events overseas, and you can begin to understand why levels of anxiety and distress are on the rise.” Lifeline chief research officer Dr Anna Brooks said there was clear evidence that financial stress and financial uncertainty were risk factors for suicide and suicidal thinking. “People are now coming into Lifeline centres asking for food and bedding. Some centres are storing sleeping bags. It is a mark of how serious this is that Lifeline is now trying to provide support for basics as well as its suicide prevention role,” Brooks said. A recent Orygen survey of almost 20,000 young Australians found that one in five is in financial hardship, and more than half are worried about their financial future.
@themickey, From your posts, it seems you are very pessimistic about your homeland, Australia. From the outside looking in, Australia seems like a nice place to live, good and responsible government, hard working citizens, decent economy, good democratic system and a free press. Great potentials and a bright future. We in the US would love to have your "problems", compared to you, we have 10x more challenges. That said, I am old enough to remember, every generation has their own challenges, but somehow we muddled through and I believe Australia will find a way and be fine. God bless Australia.
Looks can be deceiving. Australia is just like California with super high property prices, high taxes, homelessness issues across country, crime, gang wars, failing healthcare system and over immigration to boost the economy.
When I arrived in Western Australia 3 decades ago, I recall Northbridge had a thriving night life. Now it's like a ghost town. People feel unsafe and shops are shuttered. Every now and again a few times each year I need to go into the city, I walk through the city and homeless bums are seen everywhere.