xpansive
New Member
- Since
- Jan 30, 2010
- Messages
- 4,514
- Score
- 169
- Tokens
- 0
http://www.abc.net.au/triplej/hack/stories/s4192019.htm
So this may not be a American report but im sure the issues raied here are just as pertinent and real to us all...
COST OF EDUCATION
When our parents were rockin' in the free world of the seventies and eighties, university education was free. It wasn't until the HECS Scheme was introduced in 1989 that students had to start contributing to their degrees.
With the Abbott Government's proposed deregulation of university fees, there are concerns that those costs could rise even more.
HOUSE PRICES
In the last 20 years or so, house prices have risen on average by about 8.5% a year, whereas average weekly earnings have only risen between 4 and 5% a year.
In the last 15 years, the number of first home buyers has dropped to just 14% of the market, and the rest is investors and people buying their second, third or fourth property, who are essentially pricing young people out.
OUR TAXES PAYING FOR THEIR PENSION
In the economic world, there's this idea called the Generational Bargain. It basically goes like this: younger working Australians pay higher taxes, while older non-working people reap the benefits of government support. As you get older, you stop paying as much in tax and starting benefiting.
But as more people age than ever before and incomes grow slower, we can afford it less. At the moment, the pension costs $42billion a year, but according to the Government's Intergenerational Report, the pension will cost $165 billion by 2055.
WE'RE WORKING LONGER
The current retirement age for the baby boomers is 65. That's already slated to increase to 70 in 2035 (for today's 50 year-olds that is).
WEALTH DISTRIBUTION
A 2014 Grattan Institute report found that the average wealth of 65-74 year old households rose by a massive $215,000 in real terms over eight years.
BUT, over the same period, the wealth of 25-34 year olds actually WENT BACKWARDS. Some of the main reasons for that is a slower growth in wages for us youngsters, and because the older generation has been cashing in on the housing boom.
So this may not be a American report but im sure the issues raied here are just as pertinent and real to us all...
COST OF EDUCATION
When our parents were rockin' in the free world of the seventies and eighties, university education was free. It wasn't until the HECS Scheme was introduced in 1989 that students had to start contributing to their degrees.
With the Abbott Government's proposed deregulation of university fees, there are concerns that those costs could rise even more.
HOUSE PRICES
In the last 20 years or so, house prices have risen on average by about 8.5% a year, whereas average weekly earnings have only risen between 4 and 5% a year.
In the last 15 years, the number of first home buyers has dropped to just 14% of the market, and the rest is investors and people buying their second, third or fourth property, who are essentially pricing young people out.
OUR TAXES PAYING FOR THEIR PENSION
In the economic world, there's this idea called the Generational Bargain. It basically goes like this: younger working Australians pay higher taxes, while older non-working people reap the benefits of government support. As you get older, you stop paying as much in tax and starting benefiting.
But as more people age than ever before and incomes grow slower, we can afford it less. At the moment, the pension costs $42billion a year, but according to the Government's Intergenerational Report, the pension will cost $165 billion by 2055.
WE'RE WORKING LONGER
The current retirement age for the baby boomers is 65. That's already slated to increase to 70 in 2035 (for today's 50 year-olds that is).
WEALTH DISTRIBUTION
A 2014 Grattan Institute report found that the average wealth of 65-74 year old households rose by a massive $215,000 in real terms over eight years.
BUT, over the same period, the wealth of 25-34 year olds actually WENT BACKWARDS. Some of the main reasons for that is a slower growth in wages for us youngsters, and because the older generation has been cashing in on the housing boom.
