Australia - The Lucky Country - On borrowed money.

[KhunHeineken]

On 4/29/2022 at 12:36 AM, thaibeachlovers said:

You could have substituted NZ for Australia and 5 million for 25 million and it would be as applicable. Just add a huge gang problem, out of control crime, an overwhelmed police force and an endemic drug culture.

Used to be referred to as Gods own country, but the deity departed these shores long ago.

 

Not sure about NZ, but if Australia continues on this path, it's heading towards becoming a Banana Republic.  

[KhunHeineken]

On 4/29/2022 at 12:42 AM, thaibeachlovers said:

That, is the multi billion $ question.

Far as I can gather, they are just printing it, or in a digital age adding a few zeros to the ledger. The result will be, of course, massive inflation, which has only just begun.

 

One thing is for sure, there's some big financial pain coming for a lot of Australians over the next 12 months. Inflation and the higher cost of living, interest rate rises, negative equity in property to name a few.  There will be a big spike in defaults, repossessions and foreclosures.  

 

If only every Australian could own a mine.  ????  

[KhunHeineken]

On 4/29/2022 at 12:48 AM, thaibeachlovers said:

We don't get any of that in NZ. The most I get is a few more $ in winter for increased electricity for heating.

Can get free public transport if live in a city with a bus/ train service, but far as I know only till 3 pm.

Pensioners pay the same to see a Dr as a millionaire, same for dentists, car costs etc.

 

I posted Australia has a generous welfare system.  Another member has posted it's not so generous, but perhaps it's generous in the sense of how many people can qualify for it, or part of it.  

 

For a country with an aging population, and a political stance against immigration, where are the workers going to come from to fund the welfare system, let alone, start to pay back the 1 trillion dollars debt?   

[ozimoron]

38 minutes ago, KhunHeineken said:

 

I posted Australia has a generous welfare system.  Another member has posted it's not so generous, but perhaps it's generous in the sense of how many people can qualify for it, or part of it.  

 

For a country with an aging population, and a political stance against immigration, where are the workers going to come from to fund the welfare system, let alone, start to pay back the 1 trillion dollars debt?   

Indeed. The entire world's economy is based on a single premise, that the population will always grow to maintain the pyramid with the tax payers at the bottom. If the population doesn't naturally grow at a rate of at least 2.3 then people must be imported from elsewhere. The only way out of that situation is to tax corporations and the rich which are stashing wealth away at an ever greater proportion and to use that money to pay a living wage to support the unemployed and elderly. Without that, the government will eventually (already has) run out of funds to maintain the welfare and health system.

 

It's actually interesting that the living wage plan has broad support among the right wing and the wealthy because they understand that the system as it is can't go on much longer where the shrinking middle class get saddled with the tax burden.

[mstevens]

On 4/29/2022 at 2:48 AM, thaibeachlovers said:

Pensioners pay the same to see a Dr as a millionaire, same for dentists, car costs etc.

Many GP practices in New Zealand offer lower fees to pensioners / gold card holders. Not all, but many.

[simple1]

On 4/24/2022 at 4:48 PM, KhunHeineken said:

admit I do not know all the perk of Centerlink, but I would think rent assistance, free public transport / free car registration, subsidized electricity (very handy with high electricity prices)  free medical and so on and so on, evens it up a fair bit, particularly rent assistance, and particularly after tax is taken away from the $772 per week for the worker.

Rent assistance is limited and by no means addresses cost of rental accommodation, URL link below.

 

https://www.servicesaustralia.gov.au/how-much-rent-assistance-you-can-get?context=22206

 

My rental for a small single floor two bedroom terrace is $350.00 p.w. which I expect will increase by $50 p.w. this year. Rent in Oz has increased enormously during the Covid crisis, as has the cost of housing. I live in the Noosa area and property prices have increased by approx $1k per day for the past year. i.e. before Covid average family house around $650k, now around $1million+. One bedroom apartment with sea view on Hastings Street, Noosa selling for $2m+

 

We do not receive free public transport, free car rego, electricity subsidy is $380.45 p.a. My medicines are free after exceeding around $760 p.a.

 

[KhunHeineken]

32 minutes ago, simple1 said:

Rent assistance is limited and by no means addresses cost of rental accommodation, URL link below.

 

https://www.servicesaustralia.gov.au/how-much-rent-assistance-you-can-get?context=22206

 

My rental for a small single floor two bedroom terrace is $350.00 p.w. which I expect will increase by $50 p.w. this year. Rent in Oz has increased enormously during the Covid crisis, as has the cost of housing. I live in the Noosa area and property prices have increased by approx $1k per day for the past year. i.e. before Covid average family house around $650k, now around $1million+. One bedroom apartment with sea view on Hastings Street, Noosa selling for $2m+

 

We do not receive free public transport, free car rego, electricity subsidy is $380.45 p.a. My medicines are free after exceeding around $760 p.a.

 

 

I believe car rego to be free for pensioners in NSW.  That's rego, not the green slip insurance.  

 

Will you continue to live in Noosa after the next rent increase?  

[simple1]

1 hour ago, KhunHeineken said:

 

I believe car rego to be free for pensioners in NSW.  That's rego, not the green slip insurance.  

 

Will you continue to live in Noosa after the next rent increase?  

Yep rego free in NSW. Yes, probably staying in Noosa, for Noosa our place is 'cheap', Cannot return to Thailand as ongoing medical care for cancer in Thailand is too expensive. If I'm still alive when wife is eligble for Age Pension will move back to Thailand for end of life; we have a house in wife's home town of Pattaya.

[KhunHeineken]

On 4/30/2022 at 3:35 PM, simple1 said:

Yep rego free in NSW. Yes, probably staying in Noosa, for Noosa our place is 'cheap', Cannot return to Thailand as ongoing medical care for cancer in Thailand is too expensive. If I'm still alive when wife is eligble for Age Pension will move back to Thailand for end of life; we have a house in wife's home town of Pattaya.

Wishing you full recovery.

 

Medicare could be the elephant in the room.  If / when these rules come in, can someone who has been outside of Australia for more than 183 days, who is deemed a non resident for taxation purposes, just fly back in and go straight into medical care / treatment?

 

I've heard from other Aussie expats that if you are outside of Australia for something like 3 or 5 years, you drop off the Medicare system and have to wait for a qualifying period.  Can anyone confirm this? 

 

It would be in the government's interest to lower the time frame.    

[simple1]

4 hours ago, KhunHeineken said:

I've heard from other Aussie expats that if you are outside of Australia for something like 3 or 5 years, you drop off the Medicare system and have to wait for a qualifying period.  Can anyone confirm this? 

No waiting period. One has to provide confirmation of residency after five years overseas e.g. Oz bank account, rental agreement, driving licence

 

https://www.servicesaustralia.gov.au/enrolling-medicare-if-youre-australian-citizen?context=60092#:~:text=To re-enrol in Medicare,you now live in Australia.

[KhunHeineken]

7 hours ago, simple1 said:

No waiting period. One has to provide confirmation of residency after five years overseas e.g. Oz bank account, rental agreement, driving licence

 

https://www.servicesaustralia.gov.au/enrolling-medicare-if-youre-australian-citizen?context=60092#:~:text=To re-enrol in Medicare,you now live in Australia.

Thanks for the link.  That's good to know.  It could take a little while to get the documents you need to re-enrol, but I think the documents they want are easy enough to get.  

[KhunHeineken]

Australian households - "World beating debt."

 

https://www.theguardian.com/australia-news/2022/may/05/laden-with-world-beating-debt-australian-households-are-at-increased-risk-as-rates-rise-expert-says

 

Quote:

 

"Chris Martin, a senior research fellow in UNSW’s City Futures Research Centre, said data from the Bank of International Settlements showed total credit to Australian households amounts to about 120% of annual GDP.

 

That ratio trails only Switzerland’s 130% and was far higher than the average of about 75% for advanced economies."

 

 

[crouchpeter]

On 4/24/2022 at 4:34 PM, simple1 said:

ABS may well have it's own stats policies, but Centrelink criteria, if older than 55, is a minimum of twenty hours per week to be defined as working. Younger than 55, Centrelink criteria for full time employment is 30 hours per week.

 

Remember with Centrelink one is only allocated $150.00 per week tax free income to supplement Jobseeker, that's why many will try to work cash in hand if on welfare. I as a pensioner am also penalised in my wife earns more than $150 p.w. by having some funds deducted from my fornightly payment.

 

"Your payment will reduce by 50 cents for each dollar of income you have between $150 and $250. If your income is over $250, your payment will reduce by 60 cents for each dollar of income over $250."

 

The welfare system is grossly unfair. If I recall correctly Australia has the lowest welfare payments for G20 countries.

 

 

Best to tell Centrelink that you are separated. That's worth an extra couple of hundred dollars a fortnight. Honesty is not the best policy any more, in Oz. We dinosaurs are our own worst enemy; too honest! Cry poormouth, walk with a limp, tell'em you've got no-one to look after you, you still live in Australia and only go overseas for long holidays and because it's cheaper, your children have rejected you, you live on pain tablets, etc. etc.! Basically, you're just surviving! You won't get sympathy, but they'll think twice about targeting you. And don't go on the international department. There's no advantage. Paid monthly and treated with suspicion.

[crouchpeter]

On 5/2/2022 at 12:16 PM, simple1 said:

No waiting period. One has to provide confirmation of residency after five years overseas e.g. Oz bank account, rental agreement, driving licence

 

https://www.servicesaustralia.gov.au/enrolling-medicare-if-youre-australian-citizen?context=60092#:~:text=To re-enrol in Medicare,you now live in Australia.

It's 5 years. But you should still have your Medicare card. Never make the break permanent!

[simple1]

1 hour ago, crouchpeter said:

Best to tell Centrelink that you are separated. That's worth an extra couple of hundred dollars a fortnight. Honesty is not the best policy any more, in Oz. We dinosaurs are our own worst enemy; too honest! Cry poormouth, walk with a limp, tell'em you've got no-one to look after you, you still live in Australia and only go overseas for long holidays and because it's cheaper, your children have rejected you, you live on pain tablets, etc. etc.! Basically, you're just surviving! You won't get sympathy, but they'll think twice about targeting you. And don't go on the international department. There's no advantage. Paid monthly and treated with suspicion.

Risky approach as Centrelink can and does check living arrangements if you declare seperation / divorce.

[KhunHeineken]

Australia's debt clock.  

 

https://australiandebtclock.com.au

 

If we lose our AAA rating, watch what happens to the Aussie Dollar, which effects all expats.  

[Olmate]

10 minutes ago, KhunHeineken said:

Australia's debt clock.  

 

https://australiandebtclock.com.au

 

If we lose our AAA rating, watch what happens to the Aussie Dollar, which effects all expats.  

20.53 aud just bought me a nice massage in Pattaya. Think I,ll manage to stick around here under Albo.

[KhunHeineken]

On 6/30/2022 at 6:26 AM, Olmate said:

20.53 aud just bought me a nice massage in Pattaya. Think I,ll manage to stick around here under Albo.

Just saying, with Australia's debt increasing faster than its repayments, at some stage in the not too distant future Australia may lose its AAA rating, which will hit the Aussie Dollar, and that massage could cost $30AUD in the future. 

[scorecard]

On 4/1/2022 at 3:12 PM, KhunHeineken said:

I wonder how much of it can be attributed to generous welfare systems that get taken advantage of.  

Here we go again - you're obvious and you're boring.

[Olmate]

On 7/15/2022 at 10:56 AM, KhunHeineken said:

Just saying, with Australia's debt increasing faster than its repayments, at some stage in the not too distant future Australia may lose its AAA rating, which will hit the Aussie Dollar, and that massage could cost $30AUD in the future. 

OAP pension will keep pace, one due shortly of $40 or more.

[scorecard]

On 8/20/2022 at 2:12 PM, Olmate said:

OAP pension will keep pace, one due shortly of $40 or more.

Just saying, with Australia's debt increasing faster than its repayments, at some stage in the not too distant future Australia may lose its AAA rating, which will hit the Aussie Dollar, and that massage could cost $30AUD in the future. 

Expand  

OAP pension will keep pace, one due shortly of $40 or more.

 

_________________________________

"... in the not too distant future Australia may lose its AAA rating..."

 

You continue to look/search for anything you can turn into a negative. Boring.

 

I have every faith the Australia has many very knowledgeable / highly professional / very deeply experienced people watching and controlling the whole ship and it will never be near the doom you love to throw in. Boring.

[KhunHeineken]

On 8/20/2022 at 6:58 AM, scorecard said:

Here we go again - you're obvious and you're boring.

Feel free to put me on your ignore list.  Your replies are certainly no loss to the forum. 

[KhunHeineken]

On 8/20/2022 at 7:12 AM, Olmate said:

OAP pension will keep pace, one due shortly of $40 or more.

Yes, it's like a bottomless pit of money.  ???? 

[KhunHeineken]

5 hours ago, scorecard said:

You continue to look/search for anything you can turn into a negative.

Economic indicators and government policies are what they are. 

 

Some of us look past the next fortnight. 

5 hours ago, scorecard said:

I have every faith

Economy is not a religion.  ???? 

[scorecard]

1 hour ago, KhunHeineken said:

Economic indicators and government policies are what they are. 

 

Some of us look past the next fortnight. 

Economy is not a religion.  ???? 

So so boring. Bye.

[KhunHeineken]

https://www.canberratimes.com.au/story/7956616/gross-debt-still-on-track-for-1-trillion/

[KhunHeineken]

$2.5 million an hour in interest. 

 

https://www.smh.com.au/politics/federal/trillion-dollar-debt-delayed-but-interest-bill-accelerates-to-2-5m-an-hour-20230504-p5d5kj.html

[KhunHeineken]

Funny how the government is directing people's focus towards "The Voice" and not the harsh economy reality facing tax payers, and future generations. 

[still kicking]

6 minutes ago, KhunHeineken said:

Funny how the government is directing people's focus towards "The Voice" and not the harsh economy reality facing tax payers, and future generations. 

They didn't direct my focus on that nonsense I just applied for a postal vote and vote 

 

[Adumbration]

@KhunHeineken you are a year late to my party:

 

Australian dollar is going to hit 40c to the USD in the next two years.  Lower if there is conflict in the south china sea.  Those surviving here on the OAP need to start right now putting a plan in to place on how to survive when the exchange rate is 10-15baht to the dallar.