Yabby, once again your need to be validated see's a flaw in the presentation of the numbers you use to qualify your position.

The first link you posted starts with a quote from the great Frank Herbert, a hell of a science fiction writer and perfect opener for the spin orientated efforts by Anthony Goldbloom and Andrew Craston.

The second link is ABS, but you did not read the qualifying notes:

“BALANCES IN SUPERANUATION FUNDS WERE THE LARGEST ASSETT HELD BY HOUSEHOLDS, AVERAGING $85,000 PER HOUSEHOLD ACROSS ALL HOUSEHOLDS.”

Yabby the super contributions for most employees are employer contributed and overwhelmingly comprise the "wealth" that you imply we all have and is just sitting there for our use at any time. That is the only factor that props up the numbers you trotted out. The majority of us did not have super 40 years ago, so the wealth we had was really ours, the individuals, from our savings not contributions from an employer. We could use it when we wanted unfettered by having to be dying or 65 before we could access it. The super is an aid for the government to cope with the retiring baby boomers and it is dishonest to include it in household assets.

I stand by the household savings figures and the national debt figures I trotted out.

Just a thought, sonofgloin.

Re your quote from the Tele:

"Reserve Bank figures show mortgage, credit card and personal loan debts now stand at $1.2 trillion, up 71 per cent from just five years ago and equating to $56,000 for every man, woman and child in the country."

To me, a population that can run up a debt bill of that size must be extremely well-off indeed.

If you can show me some statistics that show, say, that the default rate on mortgages, credit cards and personal loan debts is significant, then I will start to share your pessimism. Otherwise, it simply shows that we have been living high on the hog for the last five years, confident in the knowledge that we can support this level of debt.

It was, after all, the default rate on those dodgy mortgages in the US that set the whole GFC ball rolling, not the mortgages themselves.

Sonofgloin, I think you will find that the largest asset held
by households are in fact their houses, if you reread the figures.

A mean household net worth of 563'000 $ is not to be sniezed at,
even if a portion of that is in super. It is still there for people
to use in their retirement.

As to the first link from treasury, I really don't care who
treasury officials quote, but table 1 was of interest.

Total household net wealth 1960 46.4 billion
Total household net wealth 2007 5.046 trillion

Those figures kind of speak for themselves and make my point.

Yabby, you're talking, to a great extent, about inflation, not wealth creation.

The Sydney house I bought in 1964 was valued at 5,000 pounds, [$10,000].

Today that same house is valued at $850,000.

The fact that the valuation has gone from 4.5 times average salary then to almost 6 times average salary just means that we have got poorer, as our income will not buy as much housing as it did years ago.

In fact it is worse than that when you consider after tax income. Back then I payed just 7.25% tax on my average salary, where as today it is about 36%.

I wonder why I don't feel any richer than I did back then?

Hasbeen, your one Sydney swallow, does not make a summer.

Fact is the average Australian house has doubled in size. I'd say
that the insides are a bit flasher too these days.

Yes, in Sydney, especially in sought after locations, houses have
rocketed, but that is where the rich live these days. In the country
you can still buy a house for 200k, if you wish.

The cost of actualy building a house is still pretty cheap. It is
land in highly regarded areas, that has gone through the roof.
The reason is, there are enough rich people to bid up prices!
Those DINKS earn some serious money and often plough it into
housing, as any profits on their own homes, is tax free.

As to income tax, it is only a % of the tax mix. I gather that
anyone who made more then average, paid through the nose, ie 66% tax.

You would have to compare Govt exp. as a % of GDP, perhaps Pericles knows
the figures. Then you have to compare Govt services. Look at the
social welfare that we dish out today, unlike the 60s. Unmarried
mothers pensions, medicare, baby bonuses, the list goes on.

If we compare wages with the consumer price index, real wages have
in fact increased, hours worked have decreased.

(no)Thanx to MP Al Grassby (Deceased) the flood gates to multiculturalism were flung open by the Fabian Socialists Whitless and gang. Whitlam WAS a Fabian Socialist and his running dog Grassby surely did his bidding.

Grassby went to Italy to learn Italian so he could 'help Italian farmers'...hmmmm he already spoke english, what about Aussie farmers?

Some from among those "Italian Farmers" colluded to MURDER a very brave warrior for Aussie culture, life and the rule of law, Donald McKay.

Grassby made all manner of pernicous manouvers (it is alleged) to destroy the McKay name and elevate the 'purity' of his Italian farmer mates, (perhaps they contributed from the proceeds of crime to his election campaigns?) by allegedly asking another MP to read out a paper in parliament suggesting Mckay connections caused his dissappearance. He was charged with Criminal defamation and the case must have been substantial because it took TWELVE YEARS of legal battle to finally be 'declared' not proven, but by this time Whitless probably had enough of 'his' Court appointees in place to ensure such a verdict.

We should have a National while Grassby might have gotten away with his cultural carnage against Australia, he will not get away with it with his Maker.

"Do not fear him who can kill the body but not destroy the soul, but fear him who, after killing the body can cast the soul into hell"Mat 10:28