Inflation

[Belli]

There was news story recently where a rock climbing business had to close due to the inability to renew their Policy. Looks like that Industry is dead.

I understand it was a business in WA but I'm not sure.

One day it'll probably get to a situation you wont be able to insure your home unless you have a fire suppression system in place, be 100kms from the closest water course and not subject to landslip or volcanic activity!

 

[sptrawler]

Best of luck turning this around in the short term, it rings of panic and desperation, house prices weighing on the psyche?

https://www.theaustralian.com.au/breaking-news/australians-reveal-eyewatering-salary-they-need-to-feel-rich-in-2023/news-story/c551a142c893412f9fd09185f8c7acaf

Australians need an annual salary of nearly $350,000 a year to “feel rich”, new research finds, with the aspirational salary multiple times the pay of the average Aussie.
A Finder survey of 1032 respondents found the average Australian said feeling rich required an annual pay of $345,819, with that eye-watering figure nearly five times the average income of $72,753, as reported by the Australian Bureau of Statistics.

Millennials (people born between 1981-1996) had the highest expectations, placing that figure at $418,325, followed by gen Z (people born between 1997-2012) at $392.077.

On the other end of the spectrum, baby boomers (people born between 1955-1964) said making $273,812 meant you were rich, while gen X (people born between 1965-1980) said that figure was $307,257.

 

[sptrawler]

There was news story recently where a rock climbing business had to close due to the inability to renew their Policy. Looks like that Industry is dead.

It also caused the closing of a lot of country speedway venues, liability insurance became unaffordable apparently, that's what I was told when I enquired.

 

[Belli]

It also caused the closing of a lot of country speedway venues, liability insurance became unaffordable apparently, that's what I was told when I enquired.

Do you recall a couple of years ago an retirement village next to the Maribyrnong River in Melbourne flooded inundating homes? Well, recently the council gave approval to build even more homes in the same area.

I'm a simple person and I understand people need a place to live but if I were involved in issuing insurance cover, and thankfully I'm not, I would say "No effing way!"

 

[sptrawler]

Do you recall a couple of years ago an retirement village next to the Maribyrnong River in Melbourne flooded inundating homes? Well, recently the council gave approval to build even more homes in the same area.

I'm a simple person and I understand people need a place to live but if I were involved in issuing insurance cover, and thankfully I'm not, I would say "No effing way!"

The wife and I were on a holiday recently and met an elderly lady who lived in the Hunter Valley region, her house had been flooded 3 times in two years, she was hoping to move.
It must be soul destroying to have the worry of your house being repeatedly flooded, once would be bad enough, the damage to possessions and the clean up must be horrific.
I'm extremely grateful I have never experienced it, my wife wouldn't cope with the mess at all well.

 

[Belli]

In order we all don't become too depressed, I'll add to the list of woes, it is now being reported moves are afoot to increase the amounts wealthy baby boomers will be required to contribute to residential aged care and which could include sequestering a portion of superannuation.

Ain't it grand to move into one's twilight years? Lots of community feel good along with sharing and caring.

Best plan is:

• don't age; and
• be broke.

 

[JohnDe]

There was news story recently where a rock climbing business had to close due to the inability to renew their Policy. Looks like that Industry is dead.

That’s what the Victorian Government wants, they tried to permanently stop climbing a few years ago, claiming ‘sacred sites’ as the reason.

The most recent -

A once key climbing area in the Grampians National Park has been closed after a rock art panel and Aboriginal artefacts were discovered at the site, despite it being listed as open to public access in the management plan that dictates land use.

Having cleared the “Mountain Lion’’ location in the Victoria Range open for bouldering and climbing, Parks Victoria has now revealed cultural heritage has been found at the site. But climbers have slammed the failure to detect the heritage, arguing the relatively small number of areas reopened under the management plan process could now face the same threat as Mountain Lion.

The Parks Victoria announcement this week has alarmed climbers who have beenfighting for nearly five years to be able to use areas that for decades had produced some of the best climbing in the world.

Australian Climbing Association Victoria president Mike Tomkins said the temporary bans at many sites at the Grampians and nearby Mt Arapiles had been followed for the past five years.

“For years, most climbers have respected ‘temporary’ climbing bans at Mt Arapiles and the Grampians,’’ he said. “However, it is becoming clear that Parks Victoria and ambitious land councils are misusing the Aboriginal Cultural Heritage Act to exclude everyone from our parks wherever stone-age rock chips are found.

“This does not happen anywhere else in the world.’’

Parks Victoria said that the discovery of the cultural heritage in the Victoria Range, 340km west of Melbourne, was a great result.

“A rock art panel and Aboriginal artefacts have been rediscovered in the Victoria Range of the Grampians (Gariwerd) National Park at a climbing area known as Mountain Lion,” he said.
“This is exciting news that again highlights the Aboriginal cultural story of Gariwerd that flows through this landscape.
“Pending a full cultural heritage assessment commencing in the first half of 2024, we are asking people to stay away from Mountain Lion to reduce the risk of harm to the site. Cultural heritage rediscoveries are protected by legislation, and Parks Victoria is responsible for protecting them. We expect the assessment to be completed in 2024 as part of our ongoing surveys of potential climbing sites across the park.”

The area was named as a bouldering site in the 2021 management plan. Bouldering is a popular pastime for climbers which often involves doing routes – often complex – on smaller rocks. It has suffered significantly as a pursuit in the Grampians after the first of the closures nearly five years ago.
Climbers are also still waiting to see what will happen at nearby Mt Arapiles, also known as Dyurrite, with the results of cultural assessments still yet to be published.

Arapiles is considered one of the world’s best locations for climbing because of the nature of the formations that are based on high quality quartzite rock. There are more than 3000 routes but some are closed pending the results of heritage surveys.
Parks Victoria had reopened some routes in the Grampians but most of the quality climbing was still closed, Mr Tomkins said.

https://www.theaustralian.com.au/nation/politics/climbers-told-to-sling-their-hook-after-grampians-rock-art-discovery/news-story/d211d93457c413045da429942442bdc0?amp

 

[divs4ever]

I understand it was a business in WA but I'm not sure.

One day it'll probably get to a situation you wont be able to insure your home unless you have a fire suppression system in place, be 100kms from the closest water course and not subject to landslip or volcanic activity!

that should effectively exclude all billionaires living on yachts , but sounds like a strategy they would try

 

[divs4ever]

The wife and I were on a holiday recently and met an elderly lady who lived in the Hunter Valley region, her house had been flooded 3 times in two years, she was hoping to move.
It must be soul destroying to have the worry of your house being repeatedly flooded, once would be bad enough, the damage to possessions and the clean up must be horrific.
I'm extremely grateful I have never experienced it, my wife wouldn't cope with the mess at all well.

... or you could pick a home that is unlikely to be flooded , sure i have been cut off by flood waters a few times but understanding how water flows is not space science

.. but councils desperate for revenue , will approve almost anywhere ( except in their own backyard )

 

[sptrawler]

In order we all don't become too depressed, I'll add to the list of woes, it is now being reported moves are afoot to increase the amounts wealthy baby boomers will be required to contribute to residential aged care and which could include sequestering a portion of superannuation.

Ain't it grand to move into one's twilight years? Lots of community feel good along with sharing and caring.

Best plan is:

• don't age; and
• be broke.

That is one of Labors major stumbling blocks, they think superannuation is their money, that you are looking after for them.

It would be just another nail in the coffin of the middle class, situation normal, save for a better retirement, that is laughable.

 

[divs4ever]

That is one of Labors major stumbling blocks, they think superannuation is their money, that you are looking after for them.

It would be just another nail in the coffin of the middle class, situation normal, save for a better retirement, that is laughable.

well the Labour Party are addicted to sequestering part your wages when working ( via union fees ) why do you think they would stop because you are old

i remember Bill making a career on the bodies of dead miners , but that is the type of predators they are

 

[sptrawler]

well the Labour Party are addicted to sequestering part your wages when working ( via union fees ) why do you think they would stop because you are old

I personally don't think one party is better or worse than the other, that's why they get flipped, if either party stays in for too long, the pendulum swings too far off centre IMO.

 

[divs4ever]

I personally don't think one party is better or worse than the other, that's why they get flipped, if either party stays in for too long, the pendulum swings too far off centre IMO.

true but the LNP stay nice to get donations , not directly tap your pay-packet

i remember once the union i was in was so bad a mid-level official in a different union was deeply embarrassed by the antics

am a big fan of giving the independent a go , even to just make the big parties try harder

 

[Belli]

What... for a cup or bucket , $4.50 is my limit not many places left at that price

Then you'll be thrilled to know this afternoon I got a large flat white for $4.40. I'm happy for me too so thank you.

 

[Value Hunter]

The results are clear to see. Just bring up a graph of CPI adjusted GDP per capita and you can see how it has gone sideways for the past two years. Meaning that migration is no longer a net benefit. Perhaps it was a different story 30 years ago.

 

[over9k]

Some of the reasons they use is ridiculous.

They're just trying it on. Most of the time they know full well it's bull****, they're just seeing if you'll swallow it. The same occurs with almost any legal entitlement - hotel stay for a cancelled flight, food not being to standard etc etc. They'll use phrases like "I can offer", which they can, legally they are allowed to offer you less than you're entitled to, legally speaking the onus is on you to know your rights.

I insure with RAC precisely because they have a good rep for not being c*nts to make a claim with. Haven't had to do it often but they've been 10/10 when I have.

 

[moXJO]

They're just trying it on. Most of the time they know full well it's bull****, they're just seeing if you'll swallow it. The same occurs with almost any legal entitlement - hotel stay for a cancelled flight, food not being to standard etc etc. They'll use phrases like "I can offer", which they can, legally they are allowed to offer you less than you're entitled to, legally speaking the onus is on you to know your rights.

I insure with RAC precisely because they have a good rep for not being c*nts to make a claim with. Haven't had to do it often but they've been 10/10 when I have.

I'm beginning to suspect that not many people really know what they are talking about once a subject moves beyond the basics. Even lawyers make me wonder.

People seem to get a grasp on the process and bureaucracy rather than the Knowledge of the actual issue.

 

[sptrawler]

Back on the subject of inflation and the real value of your money, there is nothing like pictures to explain it, the real cash rate is the value of your money adjusted for inflation. The blip in 2001, was the introduction of GST.
There is a lot of smoke and mirrors going on at the moment IMO, I'm looking forward to the next update chart, at the end of the financial year


And with regard interest rates, we seem to be at the bottom of the range that happened during during the steady period pre GFC, one for the chartists.

 

[Value Collector]

It also caused the closing of a lot of country speedway venues, liability insurance became unaffordable apparently, that's what I was told when I enquired.

Yep, because you have to remember when you I sure something, your not just paying for your risk, but also the fraud committed by others.

People willingly commit to some risky things like car racing (or spectating racing) but the moment they come unstuck they want to sue some one, some one has to pay for that, if the venue can’t charge enough fees to cover the insurance, then really it’s the customers that can’t afford the risks.

 

[IFocus]

Then you'll be thrilled to know this afternoon I got a large flat white for $4.40. I'm happy for me too so thank you.

Good work Belli I am green with envy, my current pet hate is paying $9 to $10 for a Corona when eating out same beer cost me 30 cents in Mexico 1987