Disclaimer: the blog post below is written for entertainment purposes only and should not be taken as a serious piece on the state of the economy. If you learn something from it, the writer takes no responsibility. Please read with care, snorting your morning coffee all over your electronic devices is not to be recommended.
Let's look at the positive and happy news in finance today, shall we?
1) Rents in Sydney are dropping in some suburbs:
Good news if you are renting like a growing majority of people. There's also people who can not afford rent anywhere other than with family and who may be able to move out before retirement.
It's even good news for landlords as you can now sell your investment property and place your money in other places. As with property investment, the possibilities are endless.
2) Mortgage arrears are a record levels:
Clearly this is good news for all Australians, as we can be proud that we are finally making headlines again with achieving something. The news lately has been all about how the mining boom is over. Quit whinging, we now have record levels of mortgage arrears. All that demand in homeless services will create jobs in social work and allied health services and isn't that the catch cry for the current government, "jobs and growth". I would even go so far as to say, that there will be job opportunities in bankruptcy law, bailiffs, general law enforcement and camping equipment stores. Expect record interest in religion as people need something cheap to do with the kids on a Sunday morning, and the whole buying a house and being rich thing is looking tenuous.
The good news just keeps rolling in -
3) US housing starts down 38 percent for multiple family construction:
This is good because a reduction in housing means together we can save the planet. Fewer houses being built means fewer resources being wasted. We might find ourselves without a house in the process though. This is positive because we can learn to live simple and de-clutter due to our inability to afford said clutter. The upside to this news is growth in clutter management due to shared space. Anyway, it probably will not last because a journalist says so:
"But with rents rising at their fastest pace in 10 years, last month's drop is likely to be temporary.
Overall home building activity is likely to rebound in the coming months, as permits for future construction surged 6.3 percent in September. Single-family permits edged up 0.4 percent last month. Building permits for multi-family units soared 16.8 percent in September."
4) Deloitte Access tips property to be "worst investment":
This is good news if you do not own any property. For those who own excess property to your housing requirements this gives you an opportunity to start a business, invest money in a business and sell your property to someone else who can use it, thus saving the planet by helping the community use resources wisely. The feel good factor can not be underestimated with this.
5) Major Australian retailer The Reject Shop is being rejected in favor of not spending quite so much
This is also good news for the conservation movement as it proves that people can indeed survive with fewer goods. There is always the risk that reduced consumption will lead to lower tax revenue and less money going towards conservation charities as people tighten their belts further and government grants are reduced. Despite potential job losses this is good news as the climate change will be positively impacted by our lack of consumption on anything much. It is good news for older Australians as they can finally see that their calls for belt tightening are being taken seriously. Even if continued downward pressure on consumption leads to cuts in pension entitlements for wealthy Australians, the main thing is that younger Australians are embracing a more responsible future and we can save the planet together.