6 ways Reddit users would make the most of Australia’s terrible economy
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:
1. Travel
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.
4. Save...
5. ...Or don’t
In response to StaticzAvenger’s post, gedonwithit had this to say:
6. Spend
This was our favourite response, and one that we imagine would be heartily endorsed by Federal Treasurer Josh Frydenberg.
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