Australian Wages Falling: Is your lifestyle under threat?
|Overall the quality of life for Australians has done nothing but increase for the last 50 years.|
This paradigm is shifting.
Latest Australian Bureau of Statistics (ABS) figures show a disturbing trend of “real wages” decreasing, possibly signally the end of the “era of affluence” in Australia.
Over the last financial year, real wages rose 2.6 per cent whereas the consumer price index (CPI), which is used to measure the inflation rate, rose 2.9 per cent. Which marks the weakest growth since the ABS started to keep records of wages growth in 1997. Because wages aren’t keeping up with inflation, they’re going backwards in real terms.
There has never been a more important time to understand your finances
What this means is that it has never been more important to be “fiscally engaged”. Engaged with your own money, engaged with your advisors and engaged with fiscal policy.
Below are 5 key questions to test whether you are fiscally engaged or disengaged:
- Which superannuation fund are you with?
- What return did you get on your super last year?
- What is the marginal tax rate for your current salary?
- What is your superannuation balance (rounded to the nearest thousand)?
- What are your average monthly expenses?
How did you go?
Could you answer all 5 questions? If not then it’s time to get engaged. MB+M are committed to providing BETTER advice now so you can have a BEAUTIFUL financial future. We’re also committed to raising the financial literacy of all our clients.
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