Australian (ASX) Stock Market Forum

The state of the economy at the street level

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mullokintyre said:
As for the other point, the same applies to stocks and bonds.
If a stock has gone up , you sell it, buy another stock, it is most likely gone up as well.
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The big difference is that houses are fundamentally a utilitarian consumer purchase. Everyone needs somewhere to live and with the rental market so badly messed up, owning has become the only real option to avoid the risk of homelessness.

Versus shares, bonds etc which, apart from a tiny minority buying shares in a startup company to support it, are bought with the sole intention of making a profit.

CGT on owner occupied housing just amounts to another transfer of wealth away from the working and middle classes.

Investors already pay CGT.
 
Country Lad said:
I am a little confused by this. Unless things have drastically changed since I sold one, the capital gains tax is calculated on the market value at the date the house is first used to gain an income, not the sale price. To be sure, we had a market valuation done at that time. If you bought on market and rented it straight away, then that would likely be accepted as the market value at that time.
The stamp duty paid (in Qld) by the buyer was payable on the sale price. They wanted to do a fiddle with the sale price to reduce the stamp duty but we wouldn't come into that.
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From memory my understanding is, firstly you can only have one PPR, but you can decide which for 6 years after buying the second place. This is to assist people who have to relocate for work reasons etc.
When it comes to capital gains, the amount of time it wasn't the PPR is apportioned eg if it was owned for 20 years and it wasn't the PPR for 15 years, then 75% of the capital gain is taxable, less any deductions.
Also for the 5 years you say it was the PPR, the other house attracts CGT for that portion of ownership, the ATO doesn't miss you. Lol
That's my understanding, I might be wrong, who knows.
 
Street Level Chat​

I had an extended talk with a guy, a recent migrant, yesterday. It was interesting because he was being squeezed in the job market and feeling stress. Story is this; a Sth American, 5 years here, working as a nurse auxiliary, and involved in the industrial scale disinfection at hospitals. His view was that it's much harder now. Everyone thinks nurses get good money but that's not true. Overtime is being cut, supplies are being cut, and it's because the Aussie bosses are gone with an influx of Indian and Chinese in admin. And they're squeezing down, cutting costs, denying overtime, not approving consumables. I couldn't quite get where the orders were coming from (private or govt bureaucrats) but it sounds like a false economy, and with possible disastrous consequences for infection / disease control.

He'd seen the more casual results-focused approach from the old guard and the cost-driven box ticking now in place, and definitely preferred the previous setup.

Interesting hearing a migrant complain about others. Alot was because of cost of living pressures but he had some insight as to what works, what's efficient.
 
Dona Ferentes said:
I couldn't quite get where the orders were coming from (private or govt bureaucrats)
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it could be both

i recently became aware that Medicare is no longer covering certain blood tests and limiting ( per year ) certain other tests

if this is true what else is not being covered ( government funded ) and cost-cutting becomes endemic during inflationary ( and challenging ) times in business
 
a few decades ago the Royal Brisbane Hospital became (in) famous for it's hospital acquired diseases especially it's home-grown Golden Staph super-bug ( but they had some others ) .. sometimes a minor surgery triggered major surgeries to amputate the newly infected art

yes it was a false economy then , and probably will be again
 
It had me thinking this weekend when I went back to your busy strip of shops, 1 km long. Four doors down from us, a sushi place locked its door. 100 meters away from us, the wine bar will be closing (very expensive I was told) In another strip 4km down the road, other shops have closed.....interesting that I never noticed this before until this weekend gone.
 
eskys said:
It had me thinking this weekend when I went back to your busy strip of shops, 1 km long. Four doors down from us, a sushi place locked its door. 100 meters away from us, the wine bar will be closing (very expensive I was told) In another strip 4km down the road, other shops have closed.....interesting that I never noticed this before until this weekend gone.
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the 'strip malls' in the area i used to reside have been suffering since the pandemic , the ones that survived are persistently targeted by criminals

won't be long before every footpath edge will have steel barricades ( to reduce ram raids in stolen cars ) but they will keep voting ALP ( state , federal and council ) California South will arrive soon
 
divs4ever said:
the 'strip malls' in the area i used to reside have been suffering since the pandemic , the ones that survived are persistently targeted by criminals

won't be long before every footpath edge will have steel barricades ( to reduce ram raids in stolen cars ) but they will keep voting ALP ( state , federal and council ) California South will arrive soon
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I'm not sure which was the better prophecy, Mad Max or Idiocracy.
 
wayneL said:
I'm not sure which was the better prophecy, Mad Max or Idiocracy.
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in rural areas i suspect Mad Max in the ( inner ) cities Judge Dredd , and government/administration Idiocracy must be close

and alternate suggestion is Brazil

Brazil 1985 1080p BluRay x264 YIFY

https://notthegrubstreetjournal.com/2022/04/10/whoever-is-eager-to-rival-pindar-iullus-is-flying-with-wings-waxed-with-daedalus-aid-about-to-give-his-name-to-a-glassy-sea-qed/ Brazil is a 1985 dystopian black comedy film[9][10] directed by Terry Gilliam and written by Gilliam, Charles McKeown...
invidious.lunar.icu invidious.lunar.icu

notthegrubstreetjournal.com/2022/04/10/whoever-is-… Brazil is a 1985 dystopian black comedy film[9][10] directed by Terry Gilliam and written by Gilliam, Charles McKeown, and Tom Stoppard. The film stars Jonathan Pryce and features Robert De Niro, Kim Greist, Michael Palin, Katherine Helmond, Bob Hoskins, and Ian Holm. The film centres on Sam Lowry, a low-ranking bureaucrat trying to find a woman who appears in his dreams while he is working in a mind-numbing job and living in a small apartment, set in a dystopian world in which there is an over-reliance on poorly maintained (and rather whimsical) machines. Brazil's satire of technocracy, bureaucracy, hyper-surveillance, corporatism and state capitalism is reminiscent of George Orwell's 1949 novel Nineteen Eighty-Four[11][12][13] and has been called Kafkaesque[14] and absurdist.[13] Sarah Street's British National Cinema (1997) describes the film as a "fantasy/satire on bureaucratic society", and John Scalzi's Rough Guide to Sci-Fi Movies (2005) describes it as a "dystopian satire". Jack Mathews, a film critic and the author of The Battle of Brazil (1987), described the film as "satirizing the bureaucratic, largely dysfunctional industrial world that had been driving Gilliam crazy all his life".[15] Despite its title, the film is not about the country Brazil nor does it take place there; it is named after the recurrent theme song, Ary Barroso's "Aquarela do Brasil", known simply as "Brazil" to British audiences, as performed by Geoff Muldaur.[16] Though a success in Europe, the film was unsuccessful in its initial North American release. It has since become a cult film. In 1999, the British Film Institute voted Brazil the 54th greatest British film of all time. In 2017, a poll of 150 actors, directors, writers, producers, and critics for Time Out magazine saw it ranked the 24th best British film ever.[17]

now of course if this film is taken as a documentary ( a forward-looking one ) it might be called a chiller
 
I just read a quote that reminded me of my high school economics lessons from the 1980's. I wonder how many students have learnt that governments don't get money from a magic pudding, but instead from increasing taxes and levies, fines and commissions. And each additional regulation is a loss of our freedoms.

As French economist Frederic Bastiat noted: “Everyone wants to live at the expense of the state. They forget that the state wants to live at the expense of everyone.”​

 
JohnDe said:
I just read a quote that reminded me of my high school economics lessons from the 1980's. I wonder how many students have learnt that governments don't get money from a magic pudding, but instead from increasing taxes and levies, fines and commissions. And each additional regulation is a loss of our freedoms.

As French economist Frederic Bastiat noted: “Everyone wants to live at the expense of the state. They forget that the state wants to live at the expense of everyone.”​

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www.smh.com.au

Cost-of-living relief could be coming for more Australians in 2024

The prime minister said relief for low and middle-income earners was under active consideration.
www.smh.com.au www.smh.com.au
From the article:
Millions of working Australians are in line for more cost-of-living relief after Prime Minister Anthony Albanese admitted households were still doing it tough.

In his clearest message yet that the government will use the new year to deal with the financial pressures faced by many, Albanese said relief for low and middle-income earners was under active consideration.
The spending power of Australian households has gone backwards due to the combined pressures of high inflation, high interest rates and growing income tax payments.
Wages have risen, which has increased how much tax workers pay. But that wage growth has not kept pace with inflation, meaning real household disposable incomes have gone backwards by 5.6 per cent, a rate never seen before, according to Commonwealth Bank analysis.
The increase in income tax payments, which was buoyed by a surge in people in work as well as the end of the low and middle-income tax offset, helped deliver the first budget surplus in 15 years and has put a second surplus for 2023-24 within the government’s reach.

The government has revised its forecast income tax take for this financial year, and now expects to collect $328.8 billion from working Australians in 2023-24
From July 1 next year, all workers earning over $45,000 will get to keep more of their income when the stage 3 tax cuts come into effect. However, higher earners will get the lion’s share of the roughly $20 billion a year that is being put back into worker’s pockets.
Those on a median income of about $60,000 would get $375 back each year, or $14.42 a fortnight, while those earning $140,000 would get to keep an additional $3275 a year or nearly $126 a fortnight, according to Anglicare Australia analysis.
While the federal government decided not to extend the low and middle-income tax offset, which ended in 2021-22, the low-income tax offset remains in place for workers earning up to $66,667. That tax offset, of up to $700 depending on an eligible worker’s income, was first introduced 30 years ago.
Independent economist Chris Richardson said it was very difficult economically to help with cost-of-living pressures without making the problem worse. Giving people more money through tax cuts would lift spending, which would add to inflation and could mean interest rates stayed high for longer.
 
Smurf1976 said:
Twice in the past week I've been waiting in line at a checkout and someone in front had their payment declined and hastily used another card. Once at a supermarket and today at Bunnings.

Coincidence?

Or a sign that savings are running out?
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She who is never wrong has said that this in her opinion is quite a common occurance. More than one card is sometimes produced until one finally is accepted.
 
Smurf1976 said:
Twice in the past week I've been waiting in line at a checkout and someone in front had their payment declined and hastily used another card. Once at a supermarket and today at Bunnings.

Coincidence?

Or a sign that savings are running out?
Click to expand...
It's hard to know the Taylor Swift concert sold out in minutes apparently and going by this news report, it is hard to know if the stockpile is because of reduced demand, or increased demand.
26.8 tonnes is a lot to get up peoples noses and that is only the coke that they have seized. :rolleyes:
As Robin Williams once said,

"Cocaine is God's way of saying that you're making too much money."​



Cocaine hauls double amid ‘global surge’​

The Australian Federal Police says organised criminals are trying to “get rich off the misery of others” as it reveals the agency seized 26.8 tonnes of illicit drugs this year
 

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