Well the media are waxing eloquent about the horror of the banks lifting interest rates just before Christmas. (I do smile as to why the media think that the manifestation of capitalism should be impacted by the celebration of the birth of the Messiah).
Cue the “Aussie Battler” who says he is rethinking what Christmas presents he can buy little Timmy now that the Grinch banks are stealing Christmas.
Oh and then the reporter claims that “if” interest rates increase it will cost the average Aussie a whole $45 a month. Wait up…so there is actually no announcement and this is all speculation? Roger that.
According to the ABS Website the Average Aussie wage is $1516 per week or $78,800 a year. So if the banks do increase interest rates, the $45 a month extra that the “Aussie Battler” will need to pay is 0.7% of their weekly wage.
So less than 1%.
Now I am not defending the money hungry, poor service banks. You can read my recent experience with ANZ Bank by Clicking here. What I am saying is that typical media traffic in fear and alarmist click bait.
What they don’t report on is that places like have Nowra have had increases in house prices over the last 12 months of between $70,000 to $100,000. So if you have an average mortgage in an average place like Nowra (calm down Nowra people I am not calling you average) and you have an average wage, then you are potentially down $45 a month (remember nothing has been announced) but possibly have increased your net wealth by $5,834 a month assuming a $70k increase in the last 12 months.
$45 vs $5,834 (per month)
Click Bait vs Reality.
Aussie Battler??? Really.
Anyway that’s what I think
Peter Pilt
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