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Aussie financial wellbeing deteriorates

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Australian Broker | 18 Aug 2014, 08:29 AM Agree 0
Half of Australian households fear they won't be able to maintain their standard of living as financial wellbeing has deteriorated over the second quarter of the year
  • MCC | 18 Aug 2014, 10:13 AM Agree 0
    I'm certainly not surprised by these findings. 'Under employment' has been a growing & concerning issue which has been flying under the radar because of the focus on unemployment data as primary economic measurement for media publication. I cannot see stronger employment growth for some years ahead because 'automation' is stripping out jobs faster than they can be created by new or old industries. This is a global issue. On the back of that concern around employment, it is right for households to feel concerned for their well being. The 'budget' didn't help because households & I suspect business as well, couldn't see how a reduction in Gov't spending & lesser focus on raising revenues / taxable income was going to drive an increase in economic growth - As at Dec 2013, 55% of Australia's GDP was via Household expenditure & a further 20% was via Government spending. Yes a longer term strategy for budget repair is definitely necessary with a shrinking income tax base & aging population placing pressure on expenditure side, but it's just that, a LONGER TERM STRATEGY. So much for Liberal / Conservative Governments as being ALWAYS better economic managers!!!!
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