Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Scare mongering is affecting confidence
With the daily news full of negative click bait it is no wonder that people are feeling uncertain. However, the likelihood of most of these stories bringing about the economic doom they foretell is extremely low. We have actually never seen a decline in housing values of the magnitude suggested by the so called economic experts. Whilst interest rate increases will undoubtedly affect the borrowing power of many people there are also many fundamentals which will continue to uphold house values such as low unemployment, increased immigration and tiny rental vacancy rates. Don’t believe everything the media is saying! There are actually many good reasons to be full of hope for the future.
Why it might be a good time to invest in property
The combination of lower property values and the promise of ever-rising interest rates may mean that it’s an opportune time to invest in property.
Generational divides apparent when it comes to investment strategies
New research suggests that Gen Z are both the most cautious and the most daring when it comes to investing. The interesting result is likely due to some young people panicking by hoarding what they have, and others trying to achieve wealth by being bold.
How much do you need to retire?
The “million-dollar rule” is likely a myth. The Sydney Morning Herald breaks down how much you actually need to save to retire here.
ATO reveals which industries are most likely to dodge taxes
The community misses out on about $11 billion in taxes each year. The ATO has released its findings on the industries most likely to contribute to the “shadow economy”.
Rising interest rates make it difficult to make payments
Last week, NAB boss Ross McEwan urged customers struggling to pay their bills to contact them early on to try to find a solution. Rising rates have made it difficult for many people to pay their bills, and some wait until receiving their final notice to contact them for help.
Higher income correlates with fewer cars per household
New data shows that surprisingly, poorer Australians tend to have more cars per household than rich Australians, with the pattern obvious across all states. The trend is explained by higher income earners typically living in prime real estate areas, where a car may not be necessary.
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