Yabby:>> Now even you can figure out roughly how much money people have in banks and even you can find out how large the yearly Australian GDP is, hint around a trillion.<<

Yabby given your premise is "we are better off than previously" the current GDP as opposed to the historic GDP of the last thirty years is not relevant. Whether the gross number is trillions or zillions the average household has a smaller percentage in savings of it than at any other time post WWII. So GDP has gone through the roof and we have 2% of it in savings that is one tenth of the savings percentage of GDP of thirty years ago.

I understand your point that 2% of a trillion is a load more than 2% of 250 billion (GDP FOR 1980) but when our economy was in the billions we had over 20% of it in household savings which still beats the net $ amount per household held in savings at present, trillion dollar economy or not.

*and we have 2% of it in savings that is one tenth of the savings percentage of GDP of thirty years ago.*

We don't have 2% of it in savings, we save 2% of it. We could save
more, we decide to spend it.

Sonofgloin, you are making the fatal mistake of thinking that
people save more when they earn more. They save more when they
feel they need to save more. If you look at the Chinese savings
rate, despite their very low wages, they still save a substantial
amount of their wages, the quote is often around 30% or so.

http://www.gfmag.com/tools/global-database/economic-data/10396-household-saving-rates.html

If you scroll down to the table of the savings rates of 31 countries,
the difference has nothing to do with rising incomes, everything to
do with culture. Many of these countries have become richer, yet
their savings rate dropped.

In the 60s, people remembered the war, they remembered the depression.
They never had social welfare, as they have today. So they saved more.

I employed a young 17 year old teenager from a farming background in
the 90s. Her parents instilled in her that same savings culture.
Whilst her girlie friends bought dresses and cds, she saved every
penny. One day that some girl came to work, complaining she was
short of cash. Eventually I found out why. She'd bought a whole
pile of Westpac shares for 3 bucks each, cause that is what mum
and dad had taught her. She still has those shares, they are now
worth 23$ each. If a 17 year old can do it, so can the rest of you.

Yabby again you deliver nothing substantial except a half cocked story about a girl who had astute folks.

The following comes from the ABS.

IN 1980 THE AVERAGE WAGE WAS $27K
IN 2009 THE AVERAGE WAGE WAS $50K.....+85%
IN 1980:
BREAD was 54c, $3-30 in 2009....+500%
MILK was 63c, $3-50 in 2009....+500%
SUGAR was 90c, $3-20 in 2009....+200%
BUTTER was $1-00, $3-40 in 2009...+200%
POTATO was 36c, $2-20 in 2009...+300%
*Source: ABS Average Retail Prices of Selected Items, Eight Capital Cities

Yabby these staples influence the price of everything produced, and I won't even touch on oil prices over that 30 year spread.

Wages up by eighty five percent and the basic food items up by multiple hundreds, by the way are these products as cost effective as the cheap imports you mentioned as being a "corporate gift" to the struggling Aussie mum, as previously regurgitated by you in your defense of the world economy.

Sonofgloin, given your innacuracy to read figures, I'd be
happy to read the URl that you are quoting from. So feel free
to post it.

All statistics that I have seen, have shown that real wages have
kept well ahead of the CPI.

Belly given your political leanings I am a little surprised that you see the current banking system here in Oz as ok. But then I recalled it was Paul Keating who deregulated and floated the currency.

My issue is that 13 trading licenses for foreign banks went into the deal, and they were only interested in commercial lending, the cream at the top, so the local banks merged and preyed on the small business and household. Keating would not issue 13 new licenses to Australian owned corporations or consortiums who wanted to get into the usury business, he chooses to send currency os via the 13 new foreign leaches. Home grown leaches would have given competition across the most important banking sector, the one that mums and dads as you say have a stake in.

Keating floats the dollar in 83 with home loan rates of 10 % and in 89 it hits a historical high of 18%. Belly the most unsavory aspect to this is that Keating is a Labor man, deregulation would have been better suited to the Liberals “money over the masses” track record, but it was also Keating who first broached a GST undoubtedly to screw more money from us. Is this your Labor party, anti people but pro money and trendy causes.

Yabby I have posted "from the ABS" each time. I find all this information in five minutes each time I respond to you, I suggest you do the same and if you find I have gilded the lilly in regard the the ABS stats let me know.