Is there a reason the survey did not inquire re corporate debt? Corporate debt appears to be a major factor in the pattern of capitalist cycles of boom & bust that are rescued by states using community taxes.
2
Tuesday, 10 February 2009 20:29
Doug
What is the age profile? How typical is it of the broadr population?
3
Tuesday, 10 February 2009 20:56
Graham Young
Doug the age profile tends to be older than average, and it also breaks more towards males than females. It's not typical of the broader population, but not atypical either. We use the samples generally for qualitative research, rather than quantitative.
Brian there is a reason it didn't inquire into corporate debt. We wanted to know what citizens were likely to do and we didn't think that would be impacted by their perceptions of corporate debt.
4
Tuesday, 10 February 2009 21:46
David Truman
While the Government and Treasury are seeking to sustain consumption (and also investment) and thereby prevent demand-deficiency unemployment, the survey results suggest that many people will react to the prospect of worsening times by saving more. That's not surprising. It accords with the cultural values of older generations (disproportionately represented in the survey). But it might also reflect a change in attitudes and behaviour of less mature generations. If so, despite possible short-term disadvantage (not enough consumption to stave off large job losses), it could, hopefully, presage a most desirable and necessary change in our behaviour as a society.
On Lateline a few nights ago, Paul Keating spoke very persuasively of the need for Australians, and Westerners generally, to consume less and save more, thereby funding more of our own investment needs from internally generated savings instead of sucking in savings from "surplus" countries like Japan and even China.
The good old Calvinist / Protestant values of thrift, prudence and financial conservatism sorely need to be re-planted in this country.
Four Corners last night documented the Storm financial debacle in Townsville, and traced the naive, unrealistic and (my comment) just plain greedy mindset that has been fostered by investment advisers and banks here - encouraging otherwise rational private investors to buy the idea that share prices are a sure bet to keep rising, like a perpetual motion machine. So they heavily geared up their investments, put their homes on the line, and now in many cases face total ruin.
Saving and a healthy dose of financial conservatism are great virtues. Maybe the present meltdown may jolt a fair number of people in Australia out of their unrealistic fecklessness!
5
Wednesday, 11 February 2009 08:49
Bruce Kelley
It would appear that the maxed out credit card problem that is constantly being trotted out as a really big economic issue is just a government beat up experienced by a relatively small percentage of the population.
6
Thursday, 19 February 2009 15:21
V.J.O'Hara
I cannot live with personal debt, but I have no fear about carrying some national debt because who would try to forclose on Australia? ALWAYS WITHIN REASON.
7
Thursday, 19 February 2009 15:21
V.J.O'Hara
I cannot live with personal debt, but I have no fear about carrying some national debt because who would try to forclose on Australia? ALWAYS WITHIN REASON.
Corporate debt appears to be a major factor in the pattern of capitalist cycles of boom & bust that are rescued by states using community taxes.
Brian there is a reason it didn't inquire into corporate debt. We wanted to know what citizens were likely to do and we didn't think that would be impacted by their perceptions of corporate debt.
On Lateline a few nights ago, Paul Keating spoke very persuasively of the need for Australians, and Westerners generally, to consume less and save more, thereby funding more of our own investment needs from internally generated savings instead of sucking in savings from "surplus" countries like Japan and even China.
The good old Calvinist / Protestant values of thrift, prudence and financial conservatism sorely need to be re-planted in this country.
Four Corners last night documented the Storm financial debacle in Townsville, and traced the naive, unrealistic and (my comment) just plain greedy mindset that has been fostered by investment advisers and banks here - encouraging otherwise rational private investors to buy the idea that share prices are a sure bet to keep rising, like a perpetual motion machine. So they heavily geared up their investments, put their homes on the line, and now in many cases face total ruin.
Saving and a healthy dose of financial conservatism are great virtues. Maybe the present meltdown may jolt a fair number of people in Australia out of their unrealistic fecklessness!