Australia’s economy isn’t looking too good, and hasn’t for some time now.
GDP growth has fallen to a staggeringly low 1.4 per cent, similar to levels seen during the GFC; unemployment and underemployment continues to rise; pay rises are nowhere in sight; the Australian dollar is weak; and the Reserve Bank of Australia looks like it could cut interest rates one more time this year, bringing interest rates – currently at 0.75 per cent – even lower than it already is.
In such a dismal economic environment, what is an Australian to do?
It’s a question one Reddit user posed in a post, garnering dozens of responses.
Here are some of the things Redditors suggested you do with your money:
According to Compass Markets foreign exchange manager Jim Devonport and financial adviser James Gerrard, travelling internationally isn’t a wise idea right now.
“Instead, travel somewhere in Australia you haven’t been before to avoid the currency shock you’ll experience overseas at the moment,” Gerrard advised.
“It’s a good opportunity to explore our country more and makes sense from a financial and currency perspective.”
2. Buy US stocks
Although the Aussie dollar is low right now, US stocks will give you long-term returns, some Redditors argued.
3. Invest in property
“I’m a recent home buyer so my money is going into that at the moment,” said Reddit user blurvan.
5. ...Or don’t
In response to StaticzAvenger’s post, gedonwithit had this to say:
This was our favourite response, and one that we imagine would be heartily endorsed by Federal Treasurer Josh Frydenberg.
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