I would agree with Leigh, the environment is good for anyone who wants to take control of their life. Unfortunately a lot of folk prefer to have someone else to blame for their self-inflicted misery.

One of the effects of taking control is the government do not control for us. We cannot blame government for our mortgage debts or credit card debts. Government did not go out and force us to buy the articles we freely decided to rack up with debt.

My experience has been – when government does spend on our behalf, the value of the transaction to me has always been less than if I were spending based on my own parameters of value and merit.

Typically, Medicare, Hawke introduced it and the health service fail to provide the service promised, yet I am still forced to pay it and without right to negotiate “performance standards”.

Inner-Sydney based transsexual, indigent outcast progeny of merchant family, “An apologist for the business sector.“

One wonders what OLO’s token tranny is an apology for?

Regarding “So is your voice for sale? You could sell yourself” –

I am sure those are words are coming from an authority on the topic.

Felicity, I think that you fail to consider that Howard's policies have clearly had a detrimental effect on house prices. There is unambiguous evidence that average house prices are now around 6 times the average wage (up from 4 times). This proves that the housing affordability situation has worsened. Young people have reason to complain.

Howard's decision to halve capital gains tax has definitely contributed to the housing affordability crisis. Together with the negative gearing rules, this is a key reason why investors choose housing as opposed to more productive investments. This has pushed up demand so much that many first home buyers are squeezed out of the market while wealthy investors have numerous properties in their portfolio.

And who halved capital gains tax, which largely benefits the rich and makes no economic sense whatsoever?

Consider the incentives that your party has introduced which have led to the situation we have now - rather than blaming those who have no real power.

Stickman said......"And as for Aime, you are a perfect example of the problem. As for the 'blame the immigrants' angle, I am pretty sure Pauline Hanson has a party for people like you..."

Stickman, I do hope you're not daring to allude to the suggestion that I'm a racist are you?

If you go to the general section and look at a comment I posted just a few minutes ago in the "What's wrong with the Democrats" section, you'll find that nothing could be further from the truth!

I am not a racist. I simply disagree with flooding our country with people through immigration and the baby bonus. The entire world is facing an ever increasing problem of diminishing resources and over population. In some countries, the over population problem has gone too far to be effectively halted, but it's not too late for Australia.

Then again, I don't suppose it's any use lobbying our illustrious Prime Minister on this issue. It's becoming ever more clear that he only takes his orders from the US. It would seem that the other major parties are all cast in the same mold.

It’s not the luxuries and extras that are blowing out household debt – it’s the necessities.

As house prices in the inner and middle city suburbs skyrocket through artificially low interest rates, speculative unit development and superannuation property investment trusts, younger people are forced to buy in the outer and far outer suburbs, where shopping facilities are either inadequate or zilch. Hence, the second car becomes a necessity.

Ditto, the sacrificing of public transport as government expenditure is increasingly channelled into mammoth car-friendly building projects and corporate welfare for the overpriced oil sector.

As the welfare state is dismantled, no one can expect to look forward to a pension as a buffer against aged poverty or disability. Retirements have to be funded. Superannuation payouts are usually not enough to live on – so at least one investment property and/or investment portfolio is needed and must be financed from the household budget.

Ditto, income insurance, one of the most expensive premium types, is now a staple part of most already overstretched family incomes, where families face considerable hardship if a breadwinner is disabled or incapacitated.

Confidence in the public health and education sectors have been gradually eroded as public funding moves increasingly to the private sector. Hence, many households are faced with monthly private health insurance premiums of $250 plus for an average family of four. Plus, the total education bill for three children over a six-year period at an average private high school is at least $200,000 plus.

With the second highest university debts in the developed world, those ‘selfish’ baby boomers are now obliged to part-finance their children’s university fees ($40,000 to $150,000 per degree) - quite possibly in addition to their children’s first-home deposits.

As two incomes are needed to finance increased household debt, childcare has become a major part of household budgets (unless you have a ‘selfish’ baby boomer grandma willing to do it gratis).

I could go on and on … but my word limit approaches. Unlike household debt in a user-pays society, at least I can stop.

I bought a particular brand of shampoo because it said on the tele using it would make me beautiful and I would be envied. I bought my car at three times my salary because I will be noticed and envied. I bought my five bedroom 3500 square foot brand new home so I'll be envied. One day I might have children and well, everyone says real estate is a good investment.
I have a new girlfriend now. I use a different brand of shampoo, she wants me to by her a car, some shoes and dresses, a few items of jewelry. She says she needs to look good for me. I don't know what I was thinking because I bought all the wrong furniture last time and everything has to be replaced, and anyway it won't match the new paint and drapes theme. We can't afford children.

Oh man. My friends are totally jealous of my success. I think. We only get to see each other once in a while now.

IT'S NOT MY FAULT!

As a 26 year old and being in the generation in question, i will give it to you all as straight as i can. It is not the death of personal responsibility, i refute that, it is the fact that most people have limited knowledge of the consequences and most often by the time many get into this situation, then and only then do the realise the importance of avoiding it at all costs.

Unfortunately, young people especially do not get forgiven for their credit mistakes, and most are not realy aware of consequences.

The following is why this has happenned:

1. Gen Y'ers were brought up in a consumer society which began in the 80's and thanks to their parents, where taught to keep up with the joneses and with rising technology and the like including mobile phones, have had much of their income eaten away so in effect, real 'running' costs have increased for every consumer in this time, and young people are at the forefront with the uptake of these items.

2. The fact that rising credit availability including mobile phones have put many young people in Default situations before they have even got started in life. Many are not aware of the dire long term consequences which shut them out of future credit, including the opportunity to buy assets such as property which are the cornerstone to wealth for Australians. Your credit rating is the single most important thing that you own, as it is the difference between being able to get ahead or being stuck in a rut for the rest of your life living week to week. This is not taught in any schools though.

3. Credit availability has never been easier, especially for out of control short term loans which interest is 50% and can cost you thousands, your assets and a default on your rating.

It comes down to teaching children financial sense. If not, we will be the first generation to be less secure than the last one.