I read an article recently which made some interesting statements about the financial position of the average Australian.

Apparently it breaks up as follows

You have a house valued at $458,488.00
You have a mortgage valued at $341,000.00
You have a credit card debt of $3,085.00
You earn a massive per week salary $1,124.50 ($826.00 after tax)
And apparently you are worth $250,000.00

As per normal the average Australian is obviously a hooch smoking liar or someone is confused (and I am not ruling myself out here).

Confusion 1

House value $458,488.00
Minus mortgage $341,000.00
Total equity $117,488.00

So most of Australia has another $132,512.00 sitting in super, the bank or in possessions somewhere…… That dog don’t hunt

Confusion 2

Mortgage $341,000.00 +
Credit card debt $3,085.00
Total $344,085.00

Cover this with a 9% interest rate $2,580.00 per month (interest only loan)
With a take home pay of $3,580.00 per month

Apparently the average Australian can survive on the remaining $1000.00 per month. Not hard you say, somehow fuel, insurance, food, rates, electricity and every other expense can be covered by $230.00 per week? Once again the hoochie coochie is clearly disturbing someone’s perspective.

Maybe I am all mixed up here or maybe you chaps have some special ‘bookwork’ or ‘creative accounting’, if you will, to account for this?

I will be happy to hear suggestions and look forward to entering the housing trap… I mean market.