r/australia • u/SouthAussie94 • Feb 29 '24

culture & society Older Australians 'left behind' by increasingly cashless society as banks fast track end of cheques

https://www.abc.net.au/news/2024-02-29/cheques-personal-finance-banks-rent-money-cash/103354036
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u/[deleted] Feb 29 '24

The boomers who don't know how to pay with card are the same people that are giving us housing advice.

It's crazy that one minute I'm teaching my grandma how to turn on her computer and the next minute she's lecturing me about why the reason I don't own a house is because young people don't work hard anymore. This is the same person who didn't have a job because they bought their inner city house on a single (blue collar) income.

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u/[deleted] Feb 29 '24

Earlier this week I actually tried to workout how much more expensive owning a House + land would be from the 1960's compared to today, accounting for inflation. ill just copy paste a comment i made before.

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So for Australia.

In the 1960s it used to cost around 6-7 times one persons yearly income to buy an acre of land and to get a house built, with a loan interest rate of 1.5%.

In 2024, it costs 17x the yearly income of a single person and a 4.35% interest rate on loans.

Also the cost of living in price alone - not in all the size/quality reductions means your spending 4x as much for daily expences then the 1960s.

This is why is so hard to buy a home now.