*The point is, none of the tradies mentioned above would have an ice cube's chance in hell of buying a house and raising a family on their wage alone, even with tax subsidies.*

Of course not, for expectations have changed and house prices have
been driven up dramatically by 2 income households.

The size of the average Australian house has doubled. No longer
the 3 by 1 fibro, with mum, feet at the sink and an old Holden in
the drive. Today its a 4 by 2 with all mod cons, 2 cars usually,
mobile phones, Foxtel on the roof and internet coming in. Mum
no longer sews those kids clothes to save money, as she used to.
The Vacola bottles, chooks and vegie patch are gone. Cause
mum is down at Westfields, spending up on the Visa card.

http://career-advice.careerone.com.au/salary-employee-benefits/salary-research/leading-the-world-in-pay-reward/article.aspx

Sounds like we have some of the highest wages in the world. But
its a human foible, whatever people have, they want more.

Grim thanks for the Liz Warren link, it is as relevant to us as the US because the historical data here mirrors the US trends, in fact all the first world nations trend similarly.

Liz examples that one generation ago one partner worked and the net national household savings was X percentage of GDP, giving a measureable indication to the quality of life. She quite rightly then prognosticates that the explosion of technology will give us more leisure time while adding to our quality of life and individual household prosperity.

None of it happened, not here, not the US, not in Europe or the UK. In all first world nations the majority of mums work for someone other than their family, and the majority of the mums in the preceding century did not.

I have supplied our Yabby the numbers that show one generation ago household savings in Australia were 18%, now they are struggling to hit 2%, it means nothing to Yabby.

Have a look at the graph on this link that shows the Australian households prosperity steadily growing in the post war years. We had a manufacturing industry along with full employment that accommodated a wave of welcomed migration. Then the Lima Agreement was signed in 1973 and the process of dismantling our manufacturing segment begun, our role as stated and signed off on by our politicians was to grow and dig and export without value adding, and we have certainly stuck by that.

http://www.treasury.gov.au/documents/1451/PDF/06_Household_saving_in_Australia.pdf

Grim the graph exhibits the work and savings of generations now moving into the hands of the few who constructed and implemented globalization. Two years after the Lima Agreement the decay was evident, less of us were working, especially the young and the term dole bludger came into the vernacular.

Yabby would have you believe we all became bludgers on the same day, akin to the horse’s birthday.

*I have supplied our Yabby the numbers that show one generation ago household savings in Australia were 18%, now they are struggling to hit 2%, it means nothing to Yabby.*

Not so, Sonogloin. For a start it means that as I have been saying,
you are not the best with numbers and are once again jumping to
the wrong conclusions.

You are assuming that people who are better off, will save more.
The evidence does not agree with you.

Some of the highest savings rates are in China, even on their
paltry wages. What the evidence shows is that people who have
known hard times, live more frugaly and will turn over a dollar
a couple of times, before spending it.

As you increase social welfare payments, for health care, unmarried
mothers payments, legal aid, old age, unemployment, disability
payments etc, people worry less about saving for that rainy day
and tend to blow what they earn.

The richest generation in Australia are the baby boomers and
grey nomads, who are the largest share owners (40% of our population
own shares directly), also those with the bank savings. Why?
They grew up in frugal times and learned to be frugal. Not so
with later generations, who were given life on a plate and now
expect life on a plate.

So your statistic is interesting, but meaningless in your
intepretation of it. Today there are far more jobs in Australia
then ever before. All those women working, all extra jobs.

In the 60s wool was king, we did very little mining. Wool collapsed
and Australia needed a new source of income, or become a banana
republic. Mining has saved the county's skin, so the good times
prevail.

What amuses me is how you guys continue to cling to your nostalgic
view of how things used to be. Never mind that the world has
changed. Never mind that Australians today earn more in real terms
then ever before. Never mind that Australians are wealthier today
then ever before. Never mind that Australians today live in the
world's biggest houses, with some of the world's cushiest working
conditions.

Science is correct, human memory is indeed flawed, we tend to
remember the good and forget the bad. Its a human foible, I know.

Yes, Australian manufacturing has dropped from 25% of GDP to 10%.
All Australians benefit as consumers, from better, cheaper,
more value for money products. Consumers finally have choice.

Efficient industries benefit from lower input costs. Globally
efficient industries like agriculture, innovate manufacturing etc,
who were burdend by high input costs, can now thrive globally.

Then we have all those new industries, compared to the 60s.
Massive growth in mining, tourism, education services, financial
services, the internet and all its spin offs, just to name a few.

But no, lets just blame the globalisation boogeyman as a scapegoat,
it will make us feel better, without too much thinking. That
seems to be a human foible too.

Yabby:>> Never mind that Australians today earn more in real terms
then ever before. Never mind that Australians are wealthier today
then ever before. Never mind that Australians today live in the
world's biggest houses, with some of the world's cushiest working
conditions<<

Yes Yabby the average or not so average Aussie is laughing, never been better off, balderdash my myopic spinner. The first set of figures below show that as individuals we have never owed so much to the bloodsucking financiers who's defense you leap to regularly. The second set is especially for the tax payers, it again shows that the taxpayers have never owed as much to overseas bloodsuckers as we do now.

By Nick Gardner
From: The Sunday Telegraph
December 27, 2009
"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."

"Australia’s foreign debt has grown rapidly. Between 1976 and 2008, the level of gross foreign debt increased from $8 billion to $1 072 billion, or from 9 to 95 per cent of gross domestic product (GDP). Net foreign debt increased from $3 billion to $600 billion or from 4 to 53 per cent of GDP."...7 May 2009 ABS Research Paper no. 30 2008–09.

This will bear no relevance to you Yabby, as you have your own reality.

Ah Sonofgloin, your lack of talent with numbers continues. I am
not surprised lol.

http://www.treasury.gov.au/documents/1352/PDF/04_Household_net_worth.pdf

Scroll down and check what households were worth in 1960 and
now. (or 5 years ago) Its about net wealth.

Here is some more for you from the ABS.

http://www.abs.gov.au/ausstats/abs@.nsf/Latestproducts/6554.0Main%20Features22005-06?opendocument&tabname=Summary&prodno=6554.0&issue=2005-06&num=&view=

Check out net wealth per household, after debts are removed.
Note the amount of houses that are mortgage free!

I rest my case.