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A quick market update and a deep dive in the UK’s budget announcement, which was as political as it gets! The headline is households will go backwards, as unemployment rises, and a 2-year recession is likely. Worse, personal income tax bands are frozen, so the total tax take will be bigger than ever!
Investment allowances have been cut, and the future Government spending cuts have been pushed out beyond the next election.
The cost of debt to the Government rises.
This scenario is one we should expect to see playing out in other economies too. Living standards will drop.
Today’s post is brought to you by Ribbon Property Consultants.
Digital Finance Analytics (DFA) Blog
The Biggest Drop In Living Standards In Many Decades... [Podcast]
The fallout from the RBA cash rate rises is starting to show in surveys from new home sales, consumer and business confidence. So, we look at some of the latest data and consider the consequences for Christmas spending and beyond.
Go to the Walk The World Universe at https://walktheworld.com.au/
I discuss the fallout from the RBA rate hikes with Steve Mickenbecker from Canstar.
We look at strategies to alleviate the pain of higher rates, the risks within some approaches and the broader issues of negative equity and mortgage prisoners.
Steve Mickenbecker is in Canstar’s Group Executive Team, bringing more than 30 years of experience in the Australian financial services industry. As a financial commentator for Canstar, Steve enjoys sharing his expertise across topics such as home loans, superannuation, insurance, mortgages, banking, credit cards, investment, budgeting, money management and more.
I discuss the fallout from the RBA rate hikes with Steve Mickenbecker from Canstar.
We look at strategies to alleviate the pain of higher rates, the risks within some approaches and the broader issues of negative equity and mortgage prisoners.
Steve Mickenbecker is in Canstar’s Group Executive Team, bringing more than 30 years of experience in the Australian financial services industry. As a financial commentator for Canstar, Steve enjoys sharing his expertise across topics such as home loans, superannuation, insurance, mortgages, banking, credit cards, investment, budgeting, money management and more.
This is an edited version of a live discussion about the current state household finances, property and financial stress, based on our updated modelling to end October 2022. Our postcode engine will be online.
Go to the Walk The World Universe at https://walktheworld.com.au/
Digital Finance Analytics (DFA) Blog
DFA Live Q&A HD Replay Household Finances, Property and Stress [Podcast]
I caught up with Peter Marshall from Mozo to look at how the latest RBA rate hikes are hitting the market, across mortgages, cards and savings. It is more important than ever to check your current rates, and seek out better ones!
Peter Marshall has been working in the Australian banking and finance industry for over 20 years and oversees Mozo’s extensive product database. He is regularly sought out for his expert commentary and analysis on banking and interest rates trends by print, radio and TV media.
Go to the Walk The World Universe at https://walktheworld.com.au/
A quick summary of the budget from last night, with a focus on the assumptions and overall projections ahead. All up, it is an improvement from the previous budget, but still contains some pretty heroic assumptions. Includes some content from The Conversation.
Sir Humphrey would be proud!
Today’s post is brought to you by Ribbon Property Consultants.
A horror story relating to harassment from a debt collection agency, and a discussion about the rights and obligations of those in debt. Unfortunately, in the current environment, more households are slipping into debt, and as a result the debt collection agencies are very very busy. But there are important protections in place.
The latest data from New Zealand, the UK and Canada highlights how embedded higher food prices are, something which also came through in recent ABS figures.
Even if petrol prices slide a little (and OPEC+ is trying to reverse that), many households will be wilting under the pressure from everyday costs of living.
And it’s worth noting there are various adjustments to inflation metrics which seem to drive them lower – I wonder why?
Go to the Walk The World Universe at https://walktheworld.com.au/
