And did it again
RBA hikes rates again increased the cash rate by 25 basis points, bringing it to 4.10 per cent.
rba #philliplowe #mortgage
What’s your thought ?
I see that There will be people selling their house and some becoming homeless
RBA Increased The Rate Again, to 4.1% (June 2023)
rahoolz on 06/06/2023 - 14:46
Last edited 06/06/2023 - 15:34 by 1 other user
Last edited 06/06/2023 - 15:34 by 1 other user
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As they say in the stock market:
Bulls make money,
Bears make money,
Pigs get slaughtered.
Also buying Tesla's worth 60-70k's
Cheap money makes people really foolish. And fools and their money are soon parted. Look at how many SUVs are on our roads now because "tHe SeDaN cOuLdN't ToW mY cArAvAn" LOLLLL 🤣
"tHe SeDaN cOuLdN't ToW mY cArAvAn"
One might still agree with that but then there people who can't carry their one child in Sedan and need SUV! I am carrying two in my 10 year old Sedan - yeah probably not a good look in the childcare where people arriving in their shiny new SUVs but at least I am not worried about RBA going up each month! You make your own decisions and live with consequences I guess
yeah probably not a good look in the childcare where people arriving in their shiny new SUVs but at least I am not worried about RBA going up each month!
🤣 Exactly. Pays to not keep up with the Jones’.
You make your own decisions and live with consequences I guess
True that. Won’t stop people throwing tanties and blaming Dr. Lowe though.
Going to be 7.85% for me :/
oof
I like my meat grinder analogy - as long as it's not my turn by the time the machine jams up, I'm all g
we need more suffering pls, more pain, faster. Jam the meat grinder with the meat of young families. Something needs to break.
I liken it to a game of musical chairs. Everyone just trying to still have a chair (ie job + manageable mortgage repayments) by the time the game is over and rates start going down again.
okay 👌.
No thoughts.. What can we do anyway 🤷♂️. Middle class is getting every last bit squeezed out of them.someone pls end me
Albo needs to get off his arse and actually implement some policies to curb inflation so RBA can stop pressing their one button.
At the moment RBA doing one thing and Fed govt is doing nothing (at best) or actually stimulating things at worst.What are they meant to do? Fed gov can't stop people spending money unless they up taxes
Increase GST to 15%
Tax wealthy retirees and boomers who are cash rich with no mortgages
Means test homes for multi millionaires and stop giving them pensions
this actually a good idea, imposed an increased GST for 2-3 years + increase luxury tax - this will ease the inflation much quicker
@cocomelon: Increased taxes only helps if the government doesnt go on a spending spree with the proceeds. Neither labor or coalition govs are capable of spending controls when they see all the pork barrelling they could be doing instead.
I agree but I remember when Bill Shorten went to the election going after wealthy retirees and he got absolutely slammed. Unfortunately I don't think either party have the balls to do it.
Let’s counter inflation but increasing everything by 5%. That’s gonna fly well with ppl here let alone the public. And this money goes to state government not federal so I’m gonna have 0 incentive other than being kicked out of office.
Won’t increasing GST just hurt everyone who buys stuff?
@Odin: Target spending which is non essential like luxury good, electronics, processed foods, cars etc
Havent you noticed that fresh or minimally processed foods (ie carrots or raw chicken is gst free, but frozen chicken nuggets or coke is not) are gst excluded. So is health.
Education should be subject to gst for non-gov schools but remain exempt for uni, tafe and public schools
They should make water, power and gas for domestic useage gst free as well.
The aim with a gst increase is to impact people flush with spare cash who are going about day 2 day like nothings going on to reduce spending and not impact people who are just buying essentials to survive (food, health, water and domestic energy, education)
Plenty of ways. Remember they increased spending by handing money out but also by spending money, basically either get more cash into a circular economy or get cash out.
They shouldn't deliberately heat the economy without also taking steps to cool it as well.
So, increase Superannuation rates, decrease government spending, decrease immigration, introduce a special Co-Vid recovery levy like they did for QLD floods way back when. Increase funding to AAAC with instruction to aggressively investigate price rorting and deceptive advertising, bring back the old Aussie Bonds campaign.HomeKeeper scheme. A free $3000 each month to everyone with a mortgage (for a PPOR) to spend on their mortgage or however they please 😂
Couple of things for a start
- Enforce Domestic Gas Reservation price as set out on the heads of agreement with gas producers to decrease the cost of energy for consumers (https://www.industry.gov.au/sites/default/files/2022-09/head…)
- Reduce Immigration to reduce demand for housing
Exactly this, fed keeps questioning Lowe (what else can he do?) but does nothing to curb demand (e.g. people without debt).
Here’s a handy guide for those who are feeling the pinch because their mortgage rates are going up and they borrowed too much.
I would pay close attention to tips 1, 3, 5, 6, 10, 13, 15, 17, 18, 19, 21, 23, 26, 27, 28, 29, and 30.
These tips come from one of the wealthiest people on the planet. Which property investor is that? can I hear you asking? This person doesn’t invest in property because he ain’t a chump, sorry.
Everyone of these tips are great
People should take note
Its not ground breaking investing tips either, its simple stop and think mentality and need vs want decision making
People need to understand money is not easy to come by, it takes hard work to get
Rates need to be around 8% - 10% to really hurt the economy. Right now it's still business as usual.
It is what it is, likely more to come. Money has value again which means most of us will need to deleverage.
It might even collapse at 5% tbh but yeah - at 6, there will be blood everywhere!