Just watched Four Corners’ “Debtland” episode, a thoroughly disturbing report on the debt crisis facing Australian households. I’ve not done any research, so I don’t especially want to regurgitate theirs, but it strikes me that in the face of what is considered an enormous economic boom we are facing terrible economic times on a personal level. Here at Coode Street, things are stable, but not wonderful. The day job is reliable and capable of supporting the family, though we are faced with some belt tightening. Long distance work is proving less and less lucrative as the collapsing American economy guts the exchange rate. We have some things going for us, though. The house is in good shape, the mortgage is modest, and we have the capacity to increase income. So, no panicking here. Definitely strong moves towards frugality, sensible economic management and so on. These are difficult times, and we’re doing okay. It would be nice if more people in Australia were in the same position as we are.
