Hope for First home buyers?
https://www.nzherald.co.nz/business/...NN3S2YV2BPA6A/
Despite ex deputy reserve bank governor Geoff Bascand and our own Fungus Pudding declaring house prices are just a supply issue, it would appear demand and more importantly monetary policy settings also play a part.
It is a testament to the decency and civility of the young people of today that globally no reserve bank governor has been dragged into the street and hung drawn and quartered, while a chance at social mobility has been denied them due to central bank policies.
Not only will the next generation have to pay off huge loans, they will have their student loan deductions to consider (unlike previous generations), kiwisaver deductions (saving for retirement something the previous generation was not required to do) and I expect a rise in tax rates as national superannuation in its current form becomes a huge weight on the govt budget.
The younger generation have been very good about things perhaps the older generation could stop shi**ing on them. Let house prices fall (or maybe allow a capital gains tax if you want to keep all the wealth at least then you are contributing to society not just taking), make national superannuation like any other benefit, available only to those who need it. Scrap inflation targeting or at least reduce it to 0-2%.
P.S. this post does not recognise the great things that the older generation has done for NZ and for the following generations. Voted the least corrupt country in the world once again and also one of the wealthiest. My attacks are out of proportion to the issues that concern me. Much like the news media and social media I try sensationalism to get a bite but was overcome with guilt immediately after posting.