Kohler stuffs youth housing shit sandwich anew

Missed this yesterday but being a little slow today it’s worth revisiting. Alan Kohler appears determined to turn himself into Australian youth enemy number one. Readers may recall last year’s Kohler shit sandwich:

… a large part of the foreign buying of local real estate is not from Chinese citizens flouting the local regulations in the apparently correct belief they won’t get caught, but because of “Business Innovation and Investment visas”.

…There are three main effects of rising property prices, two of which are good and one is bad: The ‘wealth effect’…Under-funded retirees are able to sell their family homes…young people can’t afford to buy a house and have to keep renting.

…they won’t have to support their parents, and in fact their parents can probably support them instead, because the houses that are too expensive will fetch a good price for their empty-nest parents when the kids move out and rent.

Mr Kohler dynamic vision for Australian youth as domestic slaves to fattened baby-boomers and corrupt Chinese provoked something of a storm. Well, he’s back with more:

In light of the problem with housing affordability, perhaps the least sensible modern trend is the rising extravagance and cost of weddings.

…Anecdotally, from my limited observation, it’s getting out of control. Statistically, numbers are hard to come by: the last definitive survey of the wedding industry was in 2011 by the research house IBISworld, which found that the average cost of a wedding was $36,000.

…The average price of a wedding now is probably approaching $50,000, which anecdotally sounds about right. Some I’ve been to obviously cost much more. That’s a deposit for a house.

So given the difficulty young couples now have in affording to buy a home anywhere closer than 50km from the city, the question arises: why are they blowing their deposit on a party?

…This, I submit, is a key reason why housing has become unaffordable: newlyweds can’t raise the deposit because they blew it on the wedding.

Senility appears to have set in at Dad’s Army.

David Llewellyn-Smith
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Comments

  1. I used to have a lot of time for Kohler (a bit like Gotti before he went mad) but the only thing I respect him now for is just how much money he took from Murdoch in exchange for BS.

    Edit: And just look at his amazing number work. I can’t see any problems at all with this logic.

    https://twitter.com/AlanKohler/status/557339486627971072

    If the cost of a wedding (say $50k) was invested for 35 years @ 10% p.a. it would become $1.4m. = comfortable retirement, without super.

      • disco stuMEMBER

        “From my limited experience” i.e. he has been attending the weddings of his kids and/or kids friends – the lives and choices of multi-millionaires children are very different from the rest of us.

        Rather than address the true reason for fewer young ppl buying houses i.e. their extreme unaffordability, Kohler and other apologists within the politico-housing complex would rather blame the victim. Now we can add extravagant weddings to their list of reasons: iPhones, Cars, Computers the occasional meal out.

        Koukoo was trying to defend his senile mate by adding young people can’t afford houses because they spend their money on new cars, computers and overseas holidays (again sidestepping the issue of affordability).

        Pity our grandparents didn’t extort the baby boomers for housing on account of their being able to buy old Chevys, transitor radios and holidays on the Gold Coast vs their Horse and sulky, gramaphones and holidays at Manly.

      • +1

        Does know how to appeal to his demographic/target market, though.

        I would add he’s probably getting hit up to fund a wedding within his own family and the tight @rse multimillionaire, who reckons he won’t help his own kids buy a home, is getting bitter as well as twisted 😉

      • H&H, with all respect, if it’s a ‘slow’ day, why not create some original content? At $150 a pop, surely subscribers deserve better than a cut and paste of a 24 hour old article. How has this added any value to your site or the subs paid by members?

        To be fair, yesterday the Age cut n pasted something that you guys had cut n pasted ~12 hours earlier, so I get that you’re not the only ones who do it.

        • GunnamattaMEMBER

          To be fair, highlighting the utter bilge which gets served up in the mainstream media is something which should be done regularly, because that bilge is a daily serving, doesnt take long to do, and just serves to remind everyone how much utter conceptual shite passes for informed comment.

          As a subscriber I think it part of the equation to fire at will at the bull, along with provide the informed commentary – check Macro Markets, the iron ore and LNG analysis, the breakdowns of consumer sentiment and housing etc..

          Fine value indeed.

      • I agree Gunna.

        One of the great things about MB is it calls out mainstream media for what it is.

        Keep it up HnH!

    • migtronixMEMBER

      Don’t the Kouk he’s banging on about eating out and wealth increases when you’re older

      • I think Disco Stu’s got it. He’s attending the weddings of children of multi-millionaires and he’s so far out of touch these days he assumes those bashes are happening down on struggle street too.

    • I agree on a wedding.
      You can’t spend 50k then moan about not having a house deposit.

      We spent about 3.5k on ours. Food was exception, beers were Coronas, Heinkens, Stone and Wood etc, wine was brother in law’s excellent Shiraz and Pinots at $8/pop. Lovely garden wedding at mum’s, then a reception in her studio/gallery afterwards in delightful Malmsbury. Malmsbury B&B for wedding night. Don’t need to spend money on chair covers and candle for tables at $200 each or whatevs.

      • “You can’t spend 50k then moan about not having a house deposit.”

        I agree on an individual basis, but Kohler’s generalisation is nonsense:

        “This, I submit, is a key reason why housing has become unaffordable: newlyweds can’t raise the deposit because they blew it on the wedding.”

        We did our wedding budget totalling under $15k which included: live musicians, carpet & 20 seats setup in outdoor area for ceremony, reception with meal & drinks package for 80 at a scenic venue, professional photographer, $2k wedding dress & honeymoon in Japan. I don’t know how people spend $30-50k or more.

      • @ Bullion.

        Sure, good point: his “key reason” might be wrong, but his larger point is apt.

        It’s easy to spend over 50k. You might not be able to fathom it, but it’s easy.

        Watched my brother spend 30-40ish I am guessing.

        Venue: Beaumaris Yacht Squadron
        Civil celebrant
        Photos: 5-15k
        Food: 100-200 head (may or may not inc booze)
        Peeps: 100-200 (100×200, 200×200, it’s all big $)
        Table settings (candles, seat covers extra etc)
        Dress
        Suits
        Cake
        Flowers
        Cars

        We had lots of people come up to us during the wedding “best wedding I’ve ever been to” and we spent fk all. Obviously it’s about the people, not the accroutements. But then, I don’t need to tell you that!

        Had a mate I worked with, Portuguese, wife Italian. They spent 35k without even trying, biiiiiiig wedding. Grandma handed them a cheque for 35k at the walkaround, telling them it was for the house deposit “Just wanted to see if you could pay for the wedding yourselves”.

        Funny old world.

      • Lorax: soon.
        I’ve been painting non stop in prep for arrival of baby #1.
        Recarpeting next week.
        So everything is in lounge/kitchen. Sleeping on floor (pity Paris Roubaix etc isn’t on!).

        Definitely, tho!

      • The guy basically admits he has no evidence to back up his hypothesis and then tries to justify it with hand-waving and other nonsense.

        I am a 26 year old yuppie, and of the last 6 weddings I have been to in the last couple of years only 1 of them would’ve cost more than $10-15k.

      • Jason – during my yuppiedom circa 26-32 yo I went to half a dozen weddings 20-40k, one ring was a 25k Tiffany.

        We all have vignettes for/against.

        My point is that plenty of people spend inordinate amounts of cash (that plenty on here think is silly, but hey, it’s not our wedding) and if they do so, they can’t really turn around and cry poor.

        It’s like buying a 20k campervan or 80k Bertram then saying you’re poor. (I know people like this)

    • Don’t mum and dad pay for all/most of it anyhow in most cases?

      Maybe my mates are just old fashioned …..

  2. Seriously, someone wants to spend $50k on a wedding?

    That money invested for forty years would amount to about $250k by retirement. Yeah, but just blow it in one day…

    The stupid! It hurts!

    • flyingfoxMEMBER

      There are many people who do. However these are also the same people that have no trouble saving (or borrowing from bank of mum and dad) a deposit.

      • Uranium GeoMEMBER

        Exactly!

        I doubt anyone who is lacking in privilege would be mis-allocating their savings on such things.

    • On the weekend someone told me about an $11,000 photographer. That is a lot to pay to cover up personal insecurities.

      • We spent $10k on photographer, my wife got suckered in, in total $40k on wedding, but we made all that back as the bridal registry has become a wishing well. On top of that bought a house the same year with $50k deposit, thanks to my parents, a true reflection of Australia today.

      • mark777,

        You must have some generous friends and family.

        Though I understand that there is a cultural attitude towards this.

        My partner’s family would throw in a lot more than my family. Though we both wish the same amount of happiness upon the crazy two.

      • speaking of this we got a commercial photographer for half of what the wedding ones would charge, alot more skill and service. But he didn’t do weddings as a “day job” he would do more marketing stuff for all kinds of companies, it was almost like a paid hobby

      • “speaking of this we got a commercial photographer for half of what the wedding ones would charge, alot more skill and service.”

        As did we, and we had no problems negotiating ownership of the image rights…unlike a lot of idiotic wedding photographers who thought it was acceptable that they retained ownership and we had to go through them every time we wanted a print.

      • We hired a photographer AND video cameraman in Italy for EURO 750

        All up our wedding (including flights, accommodation, 3 weeks honeymoon and rugby test tickets) cost $15k

        Helps when you don’t invite anyone else along!

    • We were schedule to get married in Sept this year, rough bill was going to be $30k. When I took a hard look at it and discussed it with the good woman, cancelled our expensive wedding and are now planning a very small wedding with a bill of about $5k. The $25k will be much better spent on our future.

  3. he is right about weddings being “pointless wasteful parties” ($5k photographer, $5k flowers, $5k dress, and people are still willing to pay).

    on the other side he is completely wrong on housing affordability, affordability has nothing to do with ability to pay deposit, it has nothing to do with IRs or initial repayments.

  4. It’s January, Kohler is a media pro and he’s thrown out a BS argument to get people reacting. He wins.

    • By “pro”, I trust you mean “prostitute”, then.

      Kudos to him, selling out journalistic and intellectual integrity for click-bait level stuff.

      I look forward to the next phase – “Congratulations, you have won an iPad! Click here! (by Alan Kohler)”

      • Sure ‘pro’ can be read that way. Over 6-7 years with Kohler’s contradictory ‘analysis’ on housing it seems better to treat it as clickbait, especially at this time of year.

        If the wedding numbers are based on fact, and comments suggest they are, there’s a serious status competition going on out there. Any behavioural economists have a doctoral thesis locked in.

    • IIRC, our wedding was just below $5K incl honeymoon. Mind you, we’re half Spartan/half Scottish so thats a bit below average. Preferred a bigger deposit (read: smaller mortgage) on our house. Not sure thats an option these days…

      • “Preferred a bigger deposit (read: smaller mortgage) on our house. Not sure thats an option these days…”

        Yeah, strange that Kohler talks about inflation in the cost of weddings but wilfully ignores (or often praises) it in housing.

        I wonder if the cost of weddings doubles every ten years.

      • tmarsh

        about 7 years ago, so yeah prices would have changed but not much (I know becuase we did it locally here)

        Small no of guests (less than 60 I think), bought wine/champagne on auction at Gray’s (add leftovers to last another year), photographer was a research scientist friend who does all the photos for scientific publications, so it was his present to us, mother in law made all the flowers, we walked from the wedding to the reception restaurant (cut through the main park in Montville, everyone loved it), wedding was at a BnB where we got ready etc etc. so no cars etc required.

        Great day, dont need to spend the earth to enjoy it, just like everything in life. I dont buy (literally) that it has to cost more than $10K, anything over that is pure indulgence/getting fleeced/not knowing what you’re doing…i.e consumerism

        Deposit to wedding ratio should be 20:1 or 10:1, not 1:1…

      • We were going to Cairns to visit friends-got married at the Courthouse with toddler in tow ,and taken out to fabulous lunch by afore mentioned friends. Biggest expense was getting the paperwork couriered up there. That was 25 years ago and still happily married. Did watch one friend blow $20,000 plus on a custom made wedding dress so l would have thought reaching 50,000 would be effortless in the right hands!

  5. What a dumbass. Is he saying that this generation is the first ever to get married and have associated expenses?

    Where is his time series data on the cost of weddings. I would like to see it against time series data on the cost of housing, so we can see which has grown faster (and therefore more outrageously).

    What a dumbass.

  6. At least he’s not rubbishing the youth for buying iPads and taking overseas holidays I suppose.

    Parents pay for weddings anyway don’t they? Kohler’s comment is another sign that he has his head in the clouds, no doubt hanging out with over privileged boomer mates who are lavishing expensive weddings on their kids.

  7. I would like to ask anyone bitching about the “extravagance” of weddings to try and organise one themselves for less money.

    Good luck, the only thing you will find that it is not related to gen Y’s over the top expectations but is yet another symptom of the general unaffordability of living in Oz, especially when starting/raising a family.

    Easy talking when you bought a big block of land + home for $30,000.

    • When you call up to book anything don’t let them know that it is for a wedding. (Apart from the church of course, if you want to have one there that is.) I’m told that the quoted price difference is huge.

      • It’s a myth.

        It’s all about numbers. Eg flowers, a run of the mill small bunch will set you back $15 – $25 normally. Multiply that several times for an non extravagant tabledressing. It will get you close to $1,000.

        A photographer spends most time in post-processing. Many times more hours than the ones on the day itself. With current wages it is not strange that it amounts to several thousand dollars.

        Drinks are insanely expensive in Oz. Imagine stepping into a bar for a night with 80 – 100 people. That’s $500 a round at least. Good luck.

        Too much unfounded crapping on about over the top expectations and cherry picking of anecdotes which may or may not be true.

        Oz is expensive and it cripples young families. There are bigger issues than weddings to worry about.

      • THIS

        We had a cake shop make birthday cakes, Cheesecake shop mud cakes, family member iced up the writing.

        (to be pair, sister in law made outstanding cake pops for ours)

    • (silly)
      Easy – do the wedding naked. Catering is going to be easy – considering that most of the guests will avoid it.

      And you don’t have to buy wedding clothes… though you might end up spending about $500 for mozzie spray!
      (/silly)

      Mind you – this is (of late) typical Kohler – he’s like gran’pa: farting loudly at the table and then fanning it towards the grandkids saying “Pwoah! Which one of you whipper-snappers have cut this one?…. ”

      All this “cost of wedding” shit is a non-problem … but he’s brilliant at painting this herring red.

      • Spending north of $40k is a “non-problem”?

        Plenty of people out there would love to be in the position of thinking $40k was a ” non-problem”.

        That’s why God invented Registry weddings, back yard barbie receptions, your brother taking the wedding video, and the wedding dress something nice off the rack. $1000 the lot. Like my brother. Plenty of dough, but not so stupid as to pay $40k. Sixteen years ago, but.

      • Or you skip on the deposit, not become a slave of the bank and actually enjoy life.

        I hate the Aussie “you’re not homeless yet and even stale bread will feed you, what the hell are you complaining about” mentality.

      • “Or you skip on the deposit, not become a slave of the bank and actually enjoy life.”

        This.

        Even if Kohler’s figures are true (which I seriously doubt), it’s not such a stretch of the imagination to think that a young couple may have given up the idea of owning a home due to unaffordability and are instead saving up for something that they can afford…like an extravagant wedding.

        It’s not something I would personally do but I can understand why some people might consider the idea.

      • flyingfoxMEMBER

        @AB

        it’s not such a stretch of the imagination to think that a young couple may have given up the idea of owning a home due to unaffordability and are instead saving up for something that they can afford…like an extravagant wedding.

        Indeed. A cousin of mine did exactly that. She spent ~20K on her wedding and routinely tell everyone she can’t afford a house and therefore she will live her life…

      • +1 to AnonNL

        This is some paradox of thrift type stuff Kohler is suggesting here.

        How will wedding photographers afford to buy houses if no one will pay them?

        How will catering companies hire staff, so that they can get mortgages so that they can buy houses on the periphery?

        Spending less on weddings is not a solution for our society as a whole

      • Funny you should mention that Emess. We spent $150 on a marriage celebrant and a bottle of champagne for the best man and bridesmaid. Maybe that’s why I’m not whinging ad infinitum about house prices like a spoilt prat ?

      • @emess: I’m not sure if you’re deliberately obtuse, but I thought that from the context of my post you could make out that what I meant was the entire “wedding cost” which Kohler brings out is the red herring. That he brings it into discussion as being one of the main issues for young ones not being able to afford to buy is the main thing I thought it was dubious.

        Yes, the cost for such a thing is outrageous, but FFS, how many of these “weddings” is he talking about to make it a significant statistic?

        Click-bait/red herring, I stand by my initial assessment!

  8. Oh god. If the price of bananas triples and the price of oranges doubles, is mr kohler saying the doubling in the price of oranges is responsible for the tripling price of bananas?

  9. There is a powerful way we can all contribute to this: boycott weddings.

    Sure, send the radiant couple a gift – cash or a parcel of shares, mind you, not a silver gravy boat.

    I urge wannabes to elope, or if a public ceremony is needed, tea and sandwiches.

  10. Kohler’s analysis is ridiculous. If a significant number of young were wasting significant amounts on weddings (or IPads or holidays) and there was no structural shortage then house prices would fall.

    Is it the case that housing in Sydney is particularly cheap but young cannot afford the low prices because they waste their money on weddings?

    No.

  11. $50k for a wedding?! Insane for one day. Guess people do anything to show off to their friends and look awesome on facebook.

    My wife and I spent only about $7k for our wedding, with only close relatives and friends.

    • The actual number of guests didnt make a huge difference for me. The dress, the cake, the photographer, the cars, the video, the suits, the bridal party…these costs are exactly the same if you have 20 or 40 or 200 folks (if you get my drift).

  12. Smart young engaged couples should take their $50k deposit and buy a $500k 2 bed apartment with a $450k mortgage.

    Wait 2 years until the property has increased in value to $600k and then increase the mortgage to $550 and spend $100k on the wedding.

    Big wedding all paid for by the latte sipping ipad stroking renters.

    By the time the 5th anniversary comes around and divorce beckons the unit will be worth $1M – pay out the mortgage and split the $450k.

    Now both parties will have a deposit for a new unit each and large 2nd weddings.

    /sarc

    • Beautifully put. These people who marry and rent defile the sanctity of property investment and don’t deserve the success that you have outlined.

    • Gold!

      We need a “comment of the week” award so that posts like this can get the recognition they deserve 🙂

  13. I read his tweet about this yesterday, then I read it again. And then I unfollowed Alan, because it made me face palm so hard I gave myself concussion.

  14. So it’s declining marriage rates and people getting married older that’s been driving the boom! Finally I understand the insanity.

  15. Sometimes I think Kohler deliberately baits Macrobusiness readers into apoplexy.

    Hilarity ensues at Kohler HQ.

    “Hey love. LOVE! Check out these clowns on Macrobusiness carrying on about my latest ephemera on Twitter. High-larious.”

    “Pass me another nip of that delicious Nant, would you love?”

    “Oh, and ring Jesus, and get him round to clean the Bentley. It’s got a dirt spot.”

    • It is certainly amazing that more time has been spent commenting on it here than Kohler appears to have spent writing it – or, indeed, researching it.

      (C’mon guys, he straight up declares he pulled the $50k figure from somewhere that receives very little natural light…)

    • GunnamattaMEMBER

      I must confess I am wondering about that too. The media world knows there is a section of the community out there and that that section of the community is probably going to have no truck with the mainstream media as it is. Now that are starting to push. I thought these Kohler pieces are intended to provoke an emotive response. Same as i thought the Fairfax piece the other day was quite deliberately intended to reflect the approach to data used at MB (while coming out with a different conclusion). I think it will happen more regularly as the economic narrative becomes harder and harder for the MSM to reconcile with lala land.

  16. reusachtigeMEMBER

    People should not get married! They should use their money to invest in property and then have relations with many other good looking investors. It’s way more fun and way smarter than getting bogged down. This nation is really getting things wrong!

    • GunnamattaMEMBER

      ………and they certainly shouldnt have children. Children become a competing priority for scarce resources which could more appropriately be devoted to mortgage payments.

      • reusachtigeMEMBER

        Indeed! Money otherwise spent on children can go towards increasing one’s property portfolio and one’s spread of relations!

      • GunnamattaMEMBER

        I was only reading the other day that it costs circa 500K to privately educate a kid in Sydney these days.

        Let me ask you….

        Do you want a heavily bearded and tattooed, hi visibility wearing potential elderly care assistant or do you want a good sized deposit on a potential 2 bedroomer with a view!

      • No no, you’re forgetting how much fun kids are to laugh at and ridicule when they complain about not being able to afford a home, what with their weddings, flat screen TVs, iPads and all.

      • Children become a competing priority for scarce resources which could more appropriately be devoted to mortgage payments.

        OK wise guy, tell me what’s stopping these kids owning five IPs by the starts of their teenage years and actually making a profit for their parents while they live at home?

  17. Everyone is forgetting about a women’s best friend! Those engagement rings are not cheap easily costing 10-40k depending how good your job is.

    Women these days have a hard fast rule, 3 months salary is how much you should spend on a ring!!!!

    • General Disarray

      Any woman that says you need to spend 3 months salary on an engagement ring has just confirmed you shouldn’t be marrying her.

    • Uranium GeoMEMBER

      Haha!

      For the contrarian you can purchase a very, very good opal from lightning ridge and have the ring made yourself for < 5k paladium + gold etc.

      It will be far better than any of those cruddy stones you see in the high street shops in Melbourne and if your partner isn't an Aussie it's something that is quintessentially Australian.

      Diamonds might be a girl's best friend but they are a foolish pursuit. I wounder how many would be able to determine the difference between one and a cut cubic zirconia?

    • reusachtigeMEMBER

      Makes total sense. If you’ve got a partner who is happy with spending less than $1,000 on a wedding then she’s a real keeper and will be easily satisfied! Then think about it the other way around!

      • Yep. Someone who demands a $50k wedding is going to expect someone else (daddy) to pay for it. And they’ll expect someone someone else (hubby) to buy them everything after that.

      • Close. I think I did two weddings (one local, one o/s) for about 3k. the honeymoon used frequent miles so only cost about the same.

        Nice distraction from Kohler. Take something remotely unrelated to housing affordability and blame the poor sods who were born at the wrong time.

  18. Blinged-out weddings and pimped-out houses are part of the same problem….status obsessed Australia trying to out do each other. The humble Aussie is a rare animal indeed these days….

  19. The ABC should sack him immediately after this ridiculous biased statement.

    Kohler has just made himself irrelevant.

  20. You guys better be careful, questioning how much Australian’s are willing to spend on weddings is almost akin to questioning the sanity of house prices. I scoffed (ok I may have mocked) the idea of someone spending 30k on a wedding and I was lucky to get out of their alive!

    Lesson learnt!

  21. ErmingtonPlumbingMEMBER

    I can’t believe Alan forgot to include large Plasma screen TVs in his lament on the young’s lack of thrift.

    I’m always perplexed at how riled, boomers are, at the widespread ownership of large screen TVs.

    As if to set an example, of their own thrifty credentials, and as a kind of chide toward their childrens ownership of said devices, my boomer Parents refrained from purchasing a large flat screen TV and have only, just, very recently, purchased one for their million dollar house.

    The $200k thrown down on several around the world trips in the last decade, doesn’t really slot into the thrifty narrative though. And I suspect their reluctance to get the new TV had as much to do with, a near total inability to operate a modern remote control, as a display of fiscal responsibility.

    Like watching pre-schooler’s failed attempts at tying their shoe laces.

      • It’s (plasma) turned into a dated stereotype. “Flat” screen seemed to be important to some people too. As if the flatness mattered.

    • That and the fact that a good plasma (before they were completely replaced by LCD last year) could be had for about $800. Hardly a huge outlay anymore.

      Same with phones. A phone plan might be $80 a month. Young people pay that but also get a heap out of the device. They also don’t pay for a fixed line.

  22. @Migtronix. Just want to let you know there are at least 3 posts made today you haven’t made some inane comment under. Are you more busy than usual today?

      • @Rutiger.

        I’m retaliating against a cock that doesn’t let me write anything without branding me a bigot. It is everything wrong with Australia. Attempting to discredit discussion that affects us all.

        Australia is full of weak men and it will destroy us.

  23. A lot of people’s weddings would be a heap cheaper if there was no pressure to invite baby boomer parents’ relatives.

  24. Kohler…..you irrelevant, shallow, typical-self-absorbed boomer knob!

    This is another example why we need to keep baby boomers out of the housing affordability discussion…a disaster in Australia, which is fuelling youth poverrty.

    I sent the below to Kelly ODwyer recently….just my 2 cents :>) happy new year all.

    Hi Kelly,

    As per http://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/BriefingBook44p/IntergenerationalReport

    “The basis for conducting such an analysis is the principle of intergenerational equity—that actions benefiting current generations should not compromise future generations.”

    So tell me….

    Where will your baby and my kids be in 20 years, and what likelihood is there for them and their generation, that they will be able to afford a home, get a well paid highly skilled job,

    Given that…

    Australia now has 33 ratings of severely unaffordable housing (maybe a caravan for our kids?)
    No manufacturing (forget your kids doing engineering etc)
    Highly taxed (not much left over for living)
    High costs to live (tax the youth to the hilt since our ageing need support)
    Lowly skilled jobs (but hey, there’s aged care jobs abundant to service the boomers)
    The by-design inaction to let investors continue to buy up properties instead of investing in Aussie businesses
    And we just keep saying we need more and more people….WHY.???…WHERE ARE THE JOBS…? We already have a crisis in youth unemployment.

    You talk of Team Australia…..this is so condescending and disrespectful to the majority of people here doing it hard. There is no Team Australia since noone is acting as a team, nor implementing policies that reflect adherence and allegiance to a “team”.

    I bet the Intergenerational Report will be a replica of the FIRB report…..all good on paper but no follow-through. Why bother????? Political point-scoring and appeasing the masses is so very transparent…shallow politics.

    Just demoralising……

    Pathetic….

    Depressing.

    When do the words “children”, “future Australians”, “youth”, ever enter the mouths of politicians to any great degree these days?????

    Simon

    • blacktwin997MEMBER

      Good work Steernorth, I’ve occasionally tried my hand at framing e-mails to Kelly et al but always get so annoyed about the whole thing that I have to stop. Kudos to you.

      I’m not optimistic of anything meaningful coming of KO’D and her inquiry, too many fingers in too many lucrative pies and much money to be made by keeping the natives in the dark.

      It’s not even new or greater restrictions we’re taking about as the source of angst – just proper audit, mandatory compliance with and enforcement of existing rules. Maybe rolling back the temporary resident right to buy would help, again without enforcement it means nothing though.

      That said – Happy New Year to you and All 🙂

    • Simon,

      Next time you are conversing with Kelly please ask her what she is going to do about the approx 10,000 illegal sales of existing Victorian dwellings to unapproved foreign nationals since her government came to power.

      • Hi pat.
        I’m happy to do that but I like backing things up with some info. Do you have anything I can reference to add weight?

  25. Thanks BlackTwin and Pat.
    Economics dont lose heart mate.
    I am seriously considering attempting to do more about this, notsomuch for myself, but for my kids, people younger than me, and their generation.
    We rent and would love to start paying off a house…a house we would live in….no investments here.

    But..

    We cant afford it.

    Even if we could….personally…we would not buy….Australia is that stupid that it has let housing affordability be a thing only the boomers and previous can enjoy, and had the luxury to ride that wave of escalating prices.

    Gone are the days when the old cliche of “bricks and mortar” can and should be educated to the youth. The old rubbish of work hard, and save your deposit and be indebted for the next 100 years for essentially 4 walls…….insanity…..better hope your 3 part time jobs are enough to service the mortgage…vision of the future.

    Rather, beware of the trap of overpriced housing, underemployment, and hold on to the hope of a housing bust.

    And let me say this….this has nothing to do with being embittered about them having that opportunity while those that follow simply dont.
    No, instead, it has EVERYTHING to do with INACTION on the part of these same people, and sitting back and letting things be the way they are.
    The same people that as a generation, have the numbers to make a significant difference to the hopes and aspirations of those that follow….but have chosen not to.

    This will be their legacy.

    Good luck everyone.

    I just wish I could do more.