Younger Australians losing faith in the current financial and political system and growing increasingly pessimistic about their prospects of getting on in life are attracted to high-risk crypto assets as never before.
Looking through crypto groups on social media, it is easy to see that Australian government’s and regulators’ poor monetary choices such as overprinting, excessive spending, ever-increasing property prices, greedy bank lending and the Reserve Bank of Australia’s obsolete view of “good inflation” are the main pain points turning the younger people away from the “unfair” centralised trust-based system.
Soaring home prices which have locked Australians out of the housing market or are forcing to a 30-year million-dollar-plus mortgage while banks pilled up profits is the top issue among the younger people on the Facebook and Telegram crypto trading groups.
According to the latest ABS lending data, the average deposit needed to secure a mortgage has now soared $106,743.
Inflation-obsessed RBA has consistently shrugged off rising home prices as someone else’s problem while the federal government’s cosmetic homebuyer assistance programs such as in the upcoming budget, vote-catching stimulus, wage growth stagnation, bad policy settings such as negative gearing and, to some extent capital gains tax (CGT discounts and exemptions), have put home ownership out of reach of more and more Australians.
It is rather tragicomic that the world’s most sparsely populated nation has one of, if not the most expensive housing and land on the planet, forcing most people to spend the best part of their life to pay the banks, rent forever, or live an undeserving life of homelessness and indignity.