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6 ways Reddit users would make the most of Australia’s terrible economy

Jessica Yun
What should you do with your money? Here's what Reddit reckons. (Source: Getty)
What should you do with your money? Here's what Reddit reckons. (Source: Getty)

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

(Source: Reddit)
(Source: Reddit)

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.

(Source: Reddit)
(Source: Reddit)

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...

(Source: Reddit)
(Source: Reddit)

5. ...Or don’t

In response to StaticzAvenger’s post, gedonwithit had this to say:

(Source: Reddit)
(Source: Reddit)

6. Spend

This was our favourite response, and one that we imagine would be heartily endorsed by Federal Treasurer Josh Frydenberg.

(Source: Reddit)
(Source: Reddit)

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