Frankly, the Election was a Boomer Victory over their own Kids

By the time I headed off to bed last Saturday the federal election was effectively over, with Labor leader Bill Shorten conceded that it was unlikely that Labor would win the seats required to form government.

The election result came as a surprise to many political pundits, given that most polls had predicted a comfortable Labor win in the run-up to the election.

As I write this, the Liberal/National coalition has secured 78 seats, ensuring a majority for the new Morrison government in the upcoming 46th Parliament of Australia.

Waking up to a cold Sunday morning with the previous day’s election result rattling around in my head I decided that a ride to the hills was in order. Donning copious layers of cycling gear to ward off the chill, I pointed my trusty bike in the direction of Eltham and off I rode.

Leaving early, my route took me through a still sleepy Brunswick, the inner-city suburb just north of Melbourne, out through Heidelberg and finally to Eltham, nestled at the foothills of the Shire of Nillumbik in Melbourne’s outer east.

Elated in Eltham, Bummed in Brunswick

Eltham sits in the electorate of Menzies, and the incumbent Liberal candidate, Kevin Andrews, comfortably retained his seat with a Two Candidate Preferred (TCP) vote of 57%.  Having a well-earned brekky at the Eltham shopping strip it was hard not to notice two distinct themes.

Firstly, I was surrounded by people in their mid-fifties and beyond, a demographic oft-labelled “Baby Boomers”. Secondly, these Boomers were (from their demeanour and the bits of conversation I caught), thrilled that the Coalition government had been returned for another term in office. It was fair to say that the mood in Eltham that Sunday morning was positively “chipper”.   

The ride home took me through the heart of Gen Y-centric Brunswick, in the electorate of Wills, where Labor’s Peter Khalil held off a stern challenge from The Greens. There the cafés lining ultra-hip Lygon Street told a very different story.

The mood in Brunswick was distinctly more sombre, with none of the energy pulsating around Eltham. Poker-faced twenty and thirty-something Millennials sat huddled in cafes in quiet contemplation.

In the few short hours I spent riding that day I saw the two sides of the election outcome; the winners and the also-rans. And as a Gen X, wedged between the Boomers and their Gen Y kids, I find myself asking one question: what exactly happened on Saturday 18th May and what does it mean for the various generations?

Read on to find out…

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Budget 2019/20 – Same Old, Shame Old

Treasurer Josh Frydenberg stood up in Parliament yesterday evening to deliver his maiden Budget speech as Treasurer, having inherited the job some seven months ago amidst the Liberal party in-fighting and change of leadership.

There’s a lot riding on this Budget, and it shows. In essence this Budget has one job, and one job only; to put the Coalition government in a position where it has the best chance of retaining government at the yet-to-be-called general election.

Political pundits now put the most likely date of the next election at 11 May, a mere five or so weeks away. We’ll know soon enough, as it’s expected that Prime Minister Morrison will take that drive up to Yarralumla any day now.

But back to the Budget. The Good, the Not-so-Good and the Questionable. What exactly does it contain (other than the phrase “without increasing taxes”, uttered by Treasurer Frydenberg no less than nine times during his speech)?

More importantly, how will it affect you, your nearest and dearest and your prospects for a brighter future? Read on to find out…

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5 ways to take control of your finances in your 20s

For many, your twenties are the years in which your finances are the most stretched. You’re probably trying to save for a house, a new car or a trip, as well as trying to keep up appearances at all the social events. But it’s also the time in your life when you should be setting yourself up to be financially secure for years to come.

So how do you balance it all and learn to take control of your finances?

We asked Bessie Hassan, money expert at finder.com.au for her 5 tips on how to get yourself on the road to financial freedom.
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Australia’s housing affordability woes: Part 1

couple in house with boxes

Australia’s home affordability woes have impacted a whole generation of young Australians now facing the daunting challenge of breaking into the property market.

Clover Co-Founder Harry Chemay explains why ownership rates among young Australians, particularly those under the age of 35, have experienced a significant decline over the last four decades.

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5 ways to avoid debt in your 20s

Hands opening up an empty wallet

 

Ah, your sweet 20s. It’s absolutely guaranteed that you will have one sack full of adventures and another full of mistakes.

But that doesn’t mean you don’t need to think about what financial shape you’ll be in once you do say hello to that inevitable 30th birthday. Because it’s about then that you may be wondering about buying a house, starting a family, and perhaps even planning for the future with healthy personal finance habits in the bank.

Saving in your 20s is hard, and racking up a mountain of debt is easy. But don’t fret – it’s never too late to start blasting that 20-something debt and setting off on the road to a bright financial future.
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The best apps to solve share house money woes

Housemate apps clover

It’s a fact: Living with housemates can be stressful, even at the best of times.

Waiting for your turn in the shower, people pinching your food or the pile of dirty dishes always cluttering up the kitchen sink are just the tip of the share house nightmares iceberg.

On top of these common pain points, shared living often comes with awkward conversations surrounding the splitting of shared expenses.

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How to budget for that once-in-a-lifetime Eurotrip

Unfortunately, slotting a handful of gold coins in a piggy bank at the end of the day won’t get you much further than across the road for a coffee. In order to get that South of France tan, you need to know how to budget – and budget well.

Fortunately for you, we’ve put together a list of tips and tricks that’ll get you halfway around the world before you can say ‘Brexit’, simply follow these seven steps.

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10 things to cut from your budget

coffee-cup-cut-budget

The beauty of budgeting is that it helps you realise when you’re making ridiculous impulse purchases at IKEA again, but what a lot of Australians don’t realise is that a bundle of that extra money you could be saving each month is disguised as ‘essential purchases’ in your budget.

Here are 10 ways to trim the fat from your budget this year and save a bucket load.

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5 ways the new Budget could affect you

Last night liberal treasurer Scott Morrison handed down the 2017/18 Budget. As Commonwealth Budgets go — and I’ve sat through my fair share over the past twenty years — it was remarkably uncontroversial, with many of the key initiatives being widely telegraphed in the weeks leading up to budget night.

We’ve combed through the papers and pulled the top 5 Budget announcements that we think our clients should know about.

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