Young people are continuing to bear the brunt of rising interest rates and rent while older Australians are still splashing out, new spending data indicates.
Young people are continuing to bear the brunt of rising interest rates and rental pressures, while older Australians are splashing out on cruises and dining out, new spending data indicates.
Its latest quarterly report found that after spending on housing costs is stripped away, people under 30 years old are even cutting back on essentials such as food, fuel and insurance.
He says this trend reversed and a “tipping point” emerged in mid-2022 as the Reserve Bank of Australia (RBA) started hiking interest rates to tackle rising prices (inflation).
Independent economist Nicki Hutley tells ABC News that the drop in spending by this age group “must be the rental effect” because not many Australians this young have yet bought their own homes.
This divide between generational spending and cutbacks has been leading to concerns that the Reserve Bank of Australia’s macroeconomic policy is unfairly punishing younger people.
It is also more likely you’re feeling financially stressed right now if you’re in an eastern state city, such as Sydney or Melbourne, where rents are still rising after international migration hit a record high and net outflows to regional areas slowed post-COVID.
The original article contains 925 words, the summary contains 189 words. Saved 80%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Young people are continuing to bear the brunt of rising interest rates and rental pressures, while older Australians are splashing out on cruises and dining out, new spending data indicates.
Its latest quarterly report found that after spending on housing costs is stripped away, people under 30 years old are even cutting back on essentials such as food, fuel and insurance.
He says this trend reversed and a “tipping point” emerged in mid-2022 as the Reserve Bank of Australia (RBA) started hiking interest rates to tackle rising prices (inflation).
Independent economist Nicki Hutley tells ABC News that the drop in spending by this age group “must be the rental effect” because not many Australians this young have yet bought their own homes.
This divide between generational spending and cutbacks has been leading to concerns that the Reserve Bank of Australia’s macroeconomic policy is unfairly punishing younger people.
It is also more likely you’re feeling financially stressed right now if you’re in an eastern state city, such as Sydney or Melbourne, where rents are still rising after international migration hit a record high and net outflows to regional areas slowed post-COVID.
The original article contains 925 words, the summary contains 189 words. Saved 80%. I’m a bot and I’m open source!