Australians find silver lining in lockdowns as wealth booms

SYDNEY (Reuters) - Australians are finding a silver lining to lockdowns as super-cheap credit lifts the value of homes and shares to record highs, a windfall of wealth that gives consumers the means to spend big once restrictions ease.

Figures from the Australian Bureau of Statistics out on Thursday showed net household wealth surged A$735 billion ($531.48 billion) in the June quarter to A$13.3 trillion, or A$522,032 for every man, woman and child.


"Aussie households have never been wealthier," said Ryan Felsman, a senior economist at CommSec. "While wage growth remains tepid, the value of assets is surging, supported primarily by record-low interest rates and government pandemic stimulus measures."


CBA economists estimate households have squirreled away A$230 billion in excess savings during lockdown, giving them liquidity to spend on top of their assets.


The number one asset has easily been real estate, with housing values growing by A$576 billion in the June quarter as low mortgage rates and the shift to working from home sent prices spiralling higher.

Coronavirus lockdowns in Sydney and Melbourne have only fuelled this trend, with house prices rising strongly in those cities July and August.


Gains in equity markets also saw pension and share holdings rise by A$130 billion in the quarter to a gross A$4.7 trillion, while households held a further A$1.3 trillion in cash and bank deposits.


All of which helped offset a A$47 billion increase in debt to A$2.5 trillion. That left household balance sheets looking healthy on paper, though policy makers are concerned that debt is growing faster than incomes which cannot be sustained indefinitely.


The Reserve Bank of Australia (RBA) this week warned that the build-up of debt could pose a risk to financial stability and may need to be restrained by tighter lending rules.


Australians find silver lining in lockdowns as wealth booms

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Originally Posted by misskit

... or A$522,032 for every man, woman and child.

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That means Terry and his handbag are worth a cool Million ... heaven help us :aus:

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Originally Posted by misskit

silver lining in lockdowns

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Melbourne protest: Fourth day of action fizzles
September 23, 2021
182 Comments

https://content.api.news/v3/images/b...fd7?width=1280



Anti-vaccination protesters have failed to make good on their promise to wreak havoc on Melbourne "every day", after an anticipated fourth day of action fizzled.

Earlier, Victorian Premier Daniel Andrews condemned the 'appalling' behaviour of people 'pretending to be legitimate protesters' who harassed workers administering vaccines. Police were out in force in the city's CBD ahead of a planned fourth day of protests, as volunteers cleaned up the Shrine of Remembrance after demonstrators urinated on the sacred site.

NoCookies | The Australian

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Originally Posted by misskit

"Aussie households have never been wealthier,"

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On paper until they unload their house.

Victims are young people/first time buyers, who because of the low interest pays top prize.

When the interest rate go up, the prizes will go down and the young ones will be insolvent.

Can't sell their houses without walking away with debt, and might not be able to borrow for another.

Couples, who actually would like to seperate can't.


Happy days indeed

The housing market in Australia is completely bonkers

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Originally Posted by helge

Couples, who actually would like to seperate can't.

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Stop projecting

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Originally Posted by Saint Willy

The housing market in Australia is completely bonkers

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Unless you worked hard and gambled on buying a second home like i did in 2006.:) The market is faaaaarking fine for me. Want to buy a 4 bedroom house 2 lou's and a pool? 1 hour drive from Sydney? I will sell it to an Aussie before a Chinese.:)

https://img-s-msn-com.akamaized.net/...6&q=60&o=f&l=f



A Filipino nurse has showed off her staggering fortnightly earnings for treating Covid patients in Australia amid a chronic shortage of healthcare stuff.

The migrant mum of two posted her payslip to TikTok, showing she made $24,420 gross because of overtime and pay loadings from just two weeks' work as a casual registered nurse in Sydney,

In New South Wales hospitals, there is such a shortage of nurses that student dentists, podiatrists and speech pathologists have been recruited to help nurses cope with various Covid-related healthcare tasks.

Over just one 11.5 hour shift calculated at her double time rate of over $85 an hour the nurse earned a massive $978.

After tax the nurse ended up with $12,582 having paid a whopping $8,600 in tax.

Despite the heavy hit she took from the tax man, in one two week period she earned what it would take the average annual Filippino nearly four years to earn, based on that country's average wage of $3,218 a year.

She posted the clip with the title 'My two weekly salary in Australia for looking after Covid patients'.
Nurse reveals her staggering earnings treating Covid patients (msn.com)

^ you will get canceled for posting that type of stuff.
I worked for the NSW government for 8 years and I know what type of money they take home, Faaarrr too mutch for the work. They funny thing is people believe the teachers union or the nurses union saying that they get paid so little, They only talk about the start off pay and don't include all the extras, like shift allowance,meal allowance,travel allowance, Believe me, ask a nurse that has 2 years experience in a hospital to produce a one year gross earning certificate. And then compare that to what you earn for a hard labour job.

You’re talking bollox…again.

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Originally Posted by havnfun

I know what type of money they take home, Faaarrr too mutch for the work.

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saving lives

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Originally Posted by S Landreth

saving lives

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Unless they refuse a mandatory vaccine and then get sacked, Yeah:) Then what are they? according to the media you watch? Putting you in risk? Those unvaxxed dirty people hey?

^^ Sure, but I reckon this Pinoy is pretty stoked about what she is being paid here compared to what she would be paid for the same work in her native Filipines- and frankly under considerably more hazardous conditions for her!

^ There is now way a practising nurse should be allowed employment unvaccinated. What if she is treating my 82 year old mother?

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Originally Posted by Saint Willy

You’re talking bollox…again.

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Ask anyone working in a NSW Government job what the hourly rate is and than ask them what the gross pay is. That is where the money is, I used to work a 9 day fortnight on rotating shifts and after 2 years back in 2006 was grossing 60,000 a year min

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Originally Posted by sabang

What if she is treating my 82 year old mother?

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She should be vaxxed by now? yes? do the vaxxes work or not?

^ Peasant. A Filipino nurse told me to say that. :)

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Originally Posted by helge

On paper until they unload their house.

Victims are young people/first time buyers, who because of the low interest pays top prize.

When the interest rate go up, the prizes will go down and the young ones will be insolvent.

Can't sell their houses without walking away with debt, and might not be able to borrow for another.

Couples, who actually would like to seperate can't.


Happy days indeed

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Misery does like company.

My Aussie mate works as an online accountant. Due to lockdowns, her clients need her expertise more than ever.
Due to lockdowns she has been working 16+ hours a day and raking it in. Nothing else to do.
Just bought and furnished her own first house.

Always look on the bright side of life Helge. :)

It's all about having the balls to do it in the first place, can you make the commitment? It's harder than marriage these days.

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Originally Posted by havnfun

in 2006 was grossing 60,000 a year min

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Wow, heady stuff.

:rolleyes: