THE BUDGET

[newstart2380]

I listened to Amanda Vanstone and Grahame Richardson this morning and what I heard was very concerning.

They both agreed that what ever party wins the election in September the GST will most likely rise at some stage to at least 15% because the deficit at this stage ( and rising) is so huge and there is NO money in the coffers.

The mining boom has weakened somewhat and this government has grossly overspent, the OZ dollar is to strong against other currencies but GR stated any credible treasury department would have foreseen and taken appropriate measures long before now because the OZ dollar has been high for over 2 years.

The Swan budget will be interesting but I think it will be his "swan song"

[monman12]

TH: "John what those figures don't show is what the 90% of average workers really earn."

I give up TH, if you do not understand what the term average represents (arithmetic average (mean)) , and you assert that ABS figures are dodgy, I think it pointless debating ABS average weekly earnings.

BA: "Ok just had a quick Google John and from what I have read AWOTE measures mean earnings not medium earnings?  So in reality wouldn't that figure be lower?

"

BA, I presume you meant to write "median", not medium?.

The ABS figures  I quote are the arithmetic average (mean) and which the ABS use in average weekly earnings :

"ABS: The biannual Survey of Average Weekly Earnings (AWE) produces estimates of average gross weekly earnings associated with employee jobs in Australia
"AWE estimates are derived by dividing estimates of weekly total earnings by estimates of the number of employees."
"mean (arithmetic average)  The value obtained by calculating the sum of a set of quantities and then dividing that sum by the number of quantities in the set. Also called average."

However, if you are interested in figures produced by  using arithmetic average (mean) or median, here are some from the not so dodgy ABS:-

"In May 2012, the average weekly total cash earnings for all employees were $1,122.60 and for all full-time employees were $1,452.00."
"Median weekly total cash earnings in May 2012 were $963.00 for all employees. One quarter of all employees earned $588.00 or less and one quarter of all employees earned $1,462.00 or more."
"Median weekly total cash earnings for all full-time employees were $1,250.00. One in ten full-time employees received weekly total cash earnings of $738.00 or less while one in ten full-time employees received weekly total cash earnings of $2,364.00 or more."

[the_hawk*]

John try average workers wage, the wage 90% of the population earns.

NOT average wage

[catsnknots]

I went to a lecture last year - the lecturer started off with saying that Australia's finances are far, far worse than is made public, and that any of us realise.

I think he said that in reality, we are far worse in the hole, than even the USA.

But the true situation is not made public.

I think he predicted a big collapse for us, in a couple of years.

I think you are right Ash... 100%

For example... our housing bubble must break one day... what people pay and what they are worth are two totally different things... if you really think your home is worth $450K then you are crazy.. in reality you could halve that and still build a fantastic home... 

I remember moving up here to Bundy 10 yrs ago and homes were $60K.. omg.. I had gone from a suburb where homes were $750k plus.... and these homes were soooo much bigger that the kids and I all slept in the same room for the first month as we were not use to being so far away from each other.. lol 

As people moved up here the house prices grew to $250K... nothing changed.. homes were still the same.. people were just willing to pay more. 

[the_hawk*]

cat as with most things its supply and demand.

High demand = higher prices

[lakeland27]

in one thread there's talk of population growth, and then predictions of a housing price collapse . the two are mutually exclusive. demand will keep prices high in areas where work is available.

[the_hawk*]

in one thread there's talk of population growth, and then predictions of a housing price collapse . the two are mutually exclusive. demand will keep prices high in areas where work is available.

at this time the main jobs growth is in the bush where the remaining miners are still going for now