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Australians Are Spending More Than They Are Earning
It’s official. Australian households are now spending more than they are earning. Consumer spending has been outpacing household disposable income in a process labelled as “dis-saving”. This isn’t a new phenomenon – it’s actually been going on since 2014.
On average, people have been whittling away at their savings that they had so prudently built up in the years following the Global Financial Crisis of 2008. This dis-saving phenomenon could also mean that people have been getting into too much debt and using these extra funds to spend more than they earn.
Now that house prices are falling, it’s a bit of a double whammy for the average Australian. Reduced savings could be at least somewhat supported by an increase in house prices. But now that both are in decline, it could spell big trouble for the Australian economy.
Dis-saving is fairly rare, but has happened before. In the lead up to the GFC in the early 2000’s, Australians went on a bit of a debt-fuelled spending spree. But things were different back then – wage growth was stronger and the economy was growing faster than it is now.
The governor of the Reserve Bank at the time, Ian Macfarlane, warned a parliamentary committee in 2003 that borrowing could not continue to grow like this. He said that something would have to give – either people would have to curb spending, or disaster was inevitable. He was right on both counts. The global economy crashed and people stopped spending. Consequently, household savings went up and the economy almost went into recession. When people don’t spend, the economy stagnates.
George Bush knew this during his presidential term. He famously gave a speech where he said, “I encourage you all to go shopping more”. He’s right – without spending, the economy simply doesn’t work.
With the current rate of Australian spending, there are only a couple of viable outcomes. Either household income has to increase (not likely based on recent wage growth figures – Australian wage growth is almost at historic lows), or people need to spend less.
Based on the recent activity of people that I know, spending all of your income (and more!) is a very normal thing to do each week. I know very few people who actually save anything.
There is a third option, however, continue on the path that we are currently on. Keep getting deeper into debt and spending more than we have.
As house prices go further down, people will see a reduction in the value of their assets, but their debt level will stay the same.
So what hope do we have? As an individual, certainly the best thing you can do is to get your own house in order, so to speak. You need to stop spending money you don’t have, cut up the credit cards, pay off debt before buying things you don��
...
https://www.youtube.com/watch?v=ENEjWhgb0tE
On average, people have been whittling away at their savings that they had so prudently built up in the years following the Global Financial Crisis of 2008. This dis-saving phenomenon could also mean that people have been getting into too much debt and using these extra funds to spend more than they earn.
Now that house prices are falling, it’s a bit of a double whammy for the average Australian. Reduced savings could be at least somewhat supported by an increase in house prices. But now that both are in decline, it could spell big trouble for the Australian economy.
Dis-saving is fairly rare, but has happened before. In the lead up to the GFC in the early 2000’s, Australians went on a bit of a debt-fuelled spending spree. But things were different back then – wage growth was stronger and the economy was growing faster than it is now.
The governor of the Reserve Bank at the time, Ian Macfarlane, warned a parliamentary committee in 2003 that borrowing could not continue to grow like this. He said that something would have to give – either people would have to curb spending, or disaster was inevitable. He was right on both counts. The global economy crashed and people stopped spending. Consequently, household savings went up and the economy almost went into recession. When people don’t spend, the economy stagnates.
George Bush knew this during his presidential term. He famously gave a speech where he said, “I encourage you all to go shopping more”. He’s right – without spending, the economy simply doesn’t work.
With the current rate of Australian spending, there are only a couple of viable outcomes. Either household income has to increase (not likely based on recent wage growth figures – Australian wage growth is almost at historic lows), or people need to spend less.
Based on the recent activity of people that I know, spending all of your income (and more!) is a very normal thing to do each week. I know very few people who actually save anything.
There is a third option, however, continue on the path that we are currently on. Keep getting deeper into debt and spending more than we have.
As house prices go further down, people will see a reduction in the value of their assets, but their debt level will stay the same.
So what hope do we have? As an individual, certainly the best thing you can do is to get your own house in order, so to speak. You need to stop spending money you don’t have, cut up the credit cards, pay off debt before buying things you don��
...
https://www.youtube.com/watch?v=ENEjWhgb0tE
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What is the biggest single problem the planet is facing today?
That's interesting, because I’m an important climate leader. Some people have told me that it’s hypocritical of me to fly to climate conferences in my private jet, but private jets are more convenient, aren’t they?
So I should fly commercially? Flying in first class should be fine, right?
But as an important and wealthy climate leader, I should definitely not fly economy class, right?
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Okay, so it's okay to kill some viruses with the help of vaccination, it's a personal choice to fly in private jets, but I should definitely wear a mask to save the planet from climate change, right?
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