What the pandemic has shown us is that Australia seems to be functioning with a simultaneously running two-tiered economy. This indicates that while many families are struggling to earn a living, others are flourishing in the financial domain.
Hari Yellina of Orchard Tech states that even though many people claim that the pandemic has put everyone on the same boat; this is not exactly the current reality. There is more than meets the eye. Even though the worldwide scenario may be identical, the economic statuses of the citizens are entirely different.
If the opinion of the Australian Tax Office and Productivity Commission is taken into consideration, the gap between the ‘rich’ and the ‘poor’ is rapidly widening. “It seems that the ongoing pandemic is fuelling this gap,” says Yellina. According to the latest statistics, it has been analysed that the incomes of individuals under the age of 35 has plummeted over the past decade. Meanwhile, the salaries of the Gen Xers and Boomers have generously shot up.
It must be taken into consideration that even though the current economic climate has restricted the growth of wages, there are some areas where the residents’ salaries are increasing consistently. Therefore, in these particular locations, the individuals will possess the potential to pay a greater sum for properties when they are on the look-out for a home. Additionally, when the pay structure of these individuals is scrutinised, these citizens seems to have multiple streams of income. Hence, this provides them with greater leverage when they are buying their property.
Amidst the cries of woe, the entire situation is not that of a pandemonium. “This is because the economic downturn that is a part of our current reality will not be an equal opportunity offender. What this means is that many professions are immune to the fluctuations in the economic state. Thus, even though the wealth ‘gap’ may widen, people will always have the leverage to position their wealth. Therefore, a ray of hope is visible amidst the anarchic surroundings,” says Yellina.
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