Australian Dollar is collapsing

[Sparktrader]

1 hour ago, Lacessit said:

My son's electricity bill last month was over $400, mine combined for the house and condo was $50.

Going up again soon. I live cheap now. Dont drink beer much. Eat cheap meals. Its boring but only way to save money. I fast 22 hrs a day. Just one meal. That helps.

 

At Aldi this guy in front spent $550. I spent $40.

[Inala]

9 hours ago, 3NUMBAS said:

rub n tugs are still busy

and that's all that matters in my world

[bangkok19]

16 hours ago, Sparktrader said:

It fell to 18.5/19 baht before

 

Its been under 60c us before

 

Low due soon

I was getting Bt18 for the AUD in 1989, then Bt34 for the AUD in 1997.

I got 25.5 late July (this year).

I think using the word "collapse" is somewhat exaggerated.

We were warned months ago that the 2022/23 financial year would be very volatile...  Putin's War hasn't helped! 

 

 

[HighPriority]

3 hours ago, Sparktrader said:

Going up again soon. I live cheap now. Dont drink beer much. Eat cheap meals. Its boring but only way to save money. I fast 22 hrs a day. Just one meal. That helps.

 

At Aldi this guy in front spent $550. I spent $40.

You were boasting in the other thread about how it was all for the health benefits, at least now you’ve admitted that you’re a cheap charlie, which is ok.

 

[Bruce1054]

17 hours ago, Sparktrader said:

It fell to 18.5/19 baht before

 

Its been under 60c us before

 

Low due soon

l remember 17 Baht to the dollar when Keating declared Australia a banana republic.

[Bruce1054]

9 hours ago, Sparktrader said:

Can you get full pension in Thailand or part?

Go to Australians in Thailand forum on facebook. The answers is yes, but read up on it.

[Bruce1054]

9 hours ago, Sparktrader said:

U dont lose it.

Agree. l never lost mine. Not one cent

[Adumbration]

12 hours ago, still kicking said:

Advice for you don't live in Thailand I get full pension in Australia plus plus plus and I lost all my super when I moved to Thailand and I live very well on my pension in Australia

There is absolutely no way you can live well in Australia on the OAP unless you have free housing. None whatsoever.

[Sparktrader]

10 minutes ago, Adumbration said:

There is absolutely no way you can live well in Australia on the OAP unless you have free housing. None whatsoever.

No culture as well. 90kg women.

[oznomad]

So many opinions, which are simply wrong.

Oh well. It's the way of the world.

 

 

[Sharron Merrilees]

19 hours ago, lahgon29 said:

The Oz dollar was at 19 just after covid hit the markets. Now nearly 20% higher.  The Oz has been at roughly 50c to USD while Keating was boss, and hit 57 in 2020.

Its a commodity currency, and waxes and wanes with the cycle. Its exports, agricultural and materials and energy, are priced in USD, so all are getting premiums on exports. Oz has had a windfall in the last year of approx 50 billion AUD due to this.

We'll most likely have no recession there (looking at you, US, UK, EU) and energy supplies aren't a problem (UK, EU again).

Oz is in better shape than the EU, UK and most of the rest of the world. NZ is heading for big trouble.

 

Check your facts instead of just mouthing opinion and dressing it up as fact. OZ IS the lucky country, maybe not deserving, but is. 

will I take it you  must be on the higher level of  the AUD $, because there  are a hell of a lot of every day Aussie that are living below the  politely line, The only answer that the bunch clowns that  running the country are a sick joke. it and only be called the lucky country if you are on a six figure or above. I like many other's the lucky ones that could would of gotten out years ago, I wouldn't say they are mouthing off just saying like it is. can't wait to get  back to my beloved Thailand. 

[still kicking]

4 hours ago, Adumbration said:

There is absolutely no way you can live well in Australia on the OAP unless you have free housing. None whatsoever.

I don't have free housing I am renting a 2 bedroom unit and just have my pension and live very well, not everybody lives in the ripoff cities like Sydney or Melbourne

[Kalasin Jo]

Not the only one mate. The GB£ is also with the new British PM and her kamikaze Chancellor.

[still kicking]

18 hours ago, Bruce1054 said:

l remember 17 Baht to the dollar when Keating declared Australia a banana republic.

And interest rate of 17.5 %

[AverageBloke]

I'm currently living in Australia (in my own home) and I find I can manage an adequate lifestyle, but if I had to pay a mortgage or I had to pay rent I feel it would be quite a struggle, especially with the increasing costs of food, fuel, and energy.

My Thai girlfriend and I have known each other for about 5years and we travel back and forth to each other"s countries but I want us to settle together in one place in the not-too-distant future.  I was wondering if anyone could help me with this question. If I sell my primary residence in Australia and I buy an apartment in Thailand will the Australian government recognise this as my primary residence or are all my assets counted against me if I make the move? I'm asking because this would put me over the Centrelink threshold and it would mean I would be in the somewhat risky position of needing to find investments to not eat away at my capital. 

[BonMot]

On 10/13/2022 at 1:06 AM, thaibeachlovers said:

Is not printing money the reason we are in the financial doodoo already? Too much paper/ plastic money in the system.

 

Much of Oz economy based on exports and mining. Not much to backstop the faith in the currency.

 

It's similar to Canada but a bit different reasons

[Will27]

1 hour ago, AverageBloke said:

I'm currently living in Australia (in my own home) and I find I can manage an adequate lifestyle, but if I had to pay a mortgage or I had to pay rent I feel it would be quite a struggle, especially with the increasing costs of food, fuel, and energy.

My Thai girlfriend and I have known each other for about 5years and we travel back and forth to each other"s countries but I want us to settle together in one place in the not-too-distant future.  I was wondering if anyone could help me with this question. If I sell my primary residence in Australia and I buy an apartment in Thailand will the Australian government recognise this as my primary residence or are all my assets counted against me if I make the move? I'm asking because this would put me over the Centrelink threshold and it would mean I would be in the somewhat risky position of needing to find investments to not eat away at my capital. 

You will get more advice if you put a new message under the home country subforum.

 

FWIW, IMO you'd be a lot better off renting out your place or selling it and keeping the money and rent in Thailand.

[jvs]

On 10/13/2022 at 12:21 PM, Sparktrader said:

Hit 31 baht per aud. But Thailand prices hardly changed in 10 years. 500 baht room still 500 baht. 40 baht noodle now 50 baht.

 

35 baht train 

 

 

Noodles up 25%,i think that is a lot,so do a lot of Thai people.

I guess you need to live here to really know what is going on.

[Sparktrader]

20 minutes ago, jvs said:

Noodles up 25%,i think that is a lot,so do a lot of Thai people.

I guess you need to live here to really know what is going on.

25% in 10 years isnt a lot. Thats normal inflation.

 

Less than 2.5% a year compounded.

 

 

[Lacessit]

On 10/13/2022 at 11:08 PM, Sparktrader said:

In 20 years time I wonder if that applies. Probably not. 

You may be right, I won't care.

[Lacessit]

2 hours ago, AverageBloke said:

I'm currently living in Australia (in my own home) and I find I can manage an adequate lifestyle, but if I had to pay a mortgage or I had to pay rent I feel it would be quite a struggle, especially with the increasing costs of food, fuel, and energy.

My Thai girlfriend and I have known each other for about 5years and we travel back and forth to each other"s countries but I want us to settle together in one place in the not-too-distant future.  I was wondering if anyone could help me with this question. If I sell my primary residence in Australia and I buy an apartment in Thailand will the Australian government recognise this as my primary residence or are all my assets counted against me if I make the move? I'm asking because this would put me over the Centrelink threshold and it would mean I would be in the somewhat risky position of needing to find investments to not eat away at my capital. 

You need to speak with a Financial Services Officer at Centrelink, they give unbiased and knowledgeable advice on such a situation. Make an appointment. Don't take the advice of the run-of-the mill employees .

Your age pension will reduce as a home-owner. There are also tax implications, if you are classed as non-resident in Australia your income from assets AND any pension will be taxed at 32.5%.

In your shoes, I would rent out the Australian house, and rent in Thailand. Return to Australia within every 183 days so you can continue to claim you are an Australian resident for tax purposes. Invest any spare capital in blue-chip shares that pay fully-franked dividends.

 

My policy is to tell Centrelink and the ATO as little as possible.

 

Everyone's circumstances are different, good luck.

[Sparktrader]

On 10/13/2022 at 1:52 PM, Adumbration said:

https://www.news.com.au/finance/business/banking/australian-bank-volt-collapses-urging-6000-customers-to-withdraw-funds/news-story/2cbdca763f8d4088d8808bdfef7d9bf9

Micro bank

[Adumbration]

13 hours ago, AverageBloke said:

I'm currently living in Australia (in my own home) and I find I can manage an adequate lifestyle, but if I had to pay a mortgage or I had to pay rent I feel it would be quite a struggle, especially with the increasing costs of food, fuel, and energy.

My Thai girlfriend and I have known each other for about 5years and we travel back and forth to each other"s countries but I want us to settle together in one place in the not-too-distant future.  I was wondering if anyone could help me with this question. If I sell my primary residence in Australia and I buy an apartment in Thailand will the Australian government recognise this as my primary residence or are all my assets counted against me if I make the move? I'm asking because this would put me over the Centrelink threshold and it would mean I would be in the somewhat risky position of needing to find investments to not eat away at my capital. 

Why can't you just rent your house in Oz out?  That would be an initial first good step anyway.  And no Centrelink will not count property in Thailand as your primary residence for the purpose of their assets test.

[Adumbration]

On 10/14/2022 at 6:07 AM, Bruce1054 said:

Agree. l never lost mine. Not one cent

Not true.  The OAP is portable but you will lose all of any supplements...and they add up to a great deal more than 1 cent.

[Will27]

1 hour ago, Adumbration said:

Not true.  The OAP is portable but you will lose all of any supplements...and they add up to a great deal more than 1 cent.

Perhaps read it again.

 

Bruce1054 was talking about superannuation, not the OAP.

[HighPriority]

8 hours ago, Will27 said:

Perhaps read it again.

 

Bruce1054 was talking about superannuation, not the OAP.

Correct.

As we know, the only way to “lose” your super is to “give” it to someone else…

[AverageBloke]

I just want to say thank you to those who offered their advice. 

I'm starting to realise that maybe keeping my property here in Australia might be the way to go at this point in time. I will also engage a financial planner to help me find ways to invest my savings so I can maximise my income. 

I'm probably guilty of overthinking things at this point in time because the economy seems so volatile and I don't want to make any silly mistakes. 

I wish everyone the best of luck going forward and thanks once again...cheers

 

I 

[Lacessit]

On 10/15/2022 at 9:14 PM, Adumbration said:

Why can't you just rent your house in Oz out?  That would be an initial first good step anyway.  And no Centrelink will not count property in Thailand as your primary residence for the purpose of their assets test.

Centrelink will be assessing the income from the house rental against their income test. They may assess the value of the Thai residence IF the AverageBloke declares it, depending on which one they choose to regard as the principal place of residence. Yes, I know, some people don't declare their assets in Thailand.

 

Meantime, the AUD is back above 24 to the baht, so the doomsayers are keeping quiet.

[Adumbration]

4 hours ago, Lacessit said:

Centrelink will be assessing the income from the house rental against their income test. They may assess the value of the Thai residence IF the AverageBloke declares it, depending on which one they choose to regard as the principal place of residence. Yes, I know, some people don't declare their assets in Thailand.

 

Meantime, the AUD is back above 24 to the baht, so the doomsayers are keeping quiet.

It is just following the bull trap rally on the US markets....AUD is a risk adverse currency....stayed tuned for more doom and gloom shortly.

 

[Lacessit]

9 hours ago, Adumbration said:

It is just following the bull trap rally on the US markets....AUD is a risk adverse currency....stayed tuned for more doom and gloom shortly.

 

Looking at GDP figures, present and predicted, Australia is one of the best situated.