Household wealth drops $260b in just three months as debt hits a record 200pc of income

If you felt a bit poorer at the end of last year, you're not alone — Australian households dropped a lazy quarter of a trillion dollars in wealth in the three months leading up to New Year's Day.In real terms, Australian households lost $170b on their properties and $140bni n shares in the fourth quarter last yearThe"wealth effect" has hit residential property hard with related sectors now starting to shed jobs.

The 2.1 per cent fall in household wealth is the largest since 2011 and follows a 0.1 per cent in the previous quarter. While eye-watering in size, the losses were not surprising given housing market retreat was accelerating and the ASX tumbled around 10 per cent over the quarter.

And some Economists want the RBA to cut interest rates. Utter fools.

So that's what happens when you lose your wallet?

🤔 But Negative Gearing is still here and best economy managers are in charge... and Jobs and Growth ... everything should be positive. We should just wait a little and it will trickle down.🤣🤣🤣😢😢😢😭😭😭

I think there's a major error in this article: 'household gross disposable income adjusted for other changes in real net wealth fell from $182.1b to $15.8b,' the ABS calculated. A $168bn fall in household income? Gee that's big. ausecon

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Robo-debts scheme takes hard line: 'We charge compound interest daily'Centrelink has threatened to charge daily compounding interest, garnish wages or seize funds from the bank accounts of former welfare recipients who fail to pay 'robo debts' issued by the government's automated recovery scheme. The Department knows how much people were paid, and when. They presumably know how much they *should* have been paid, and when. It’s a database. This isn’t complicated. But those that sit in Parliament House with their noses glued to the trough for all it for all its worth don’t pay back a cent until their greed is exposed and never any interest Did Bronnie pay daily compounded interest on her chopper ride?
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