1 00:00:00,080 --> 00:00:01,760 Speaker 1: So a question for you to start off this morning. 2 00:00:01,760 --> 00:00:05,040 Speaker 1: Who's right the rental market is like musical chairs. There's 3 00:00:05,040 --> 00:00:08,080 Speaker 1: a headline from yesterday, the rental market is like musical chairs. 4 00:00:08,360 --> 00:00:11,799 Speaker 1: Landlords are offering grocery vouchers and incentives to sign up 5 00:00:11,800 --> 00:00:15,560 Speaker 1: for rentals. But headline number two, even the middle class 6 00:00:15,760 --> 00:00:18,560 Speaker 1: are struggling to pay rent are but storry number three 7 00:00:18,920 --> 00:00:21,360 Speaker 1: a report I read by JB. We're about wealth transfer, 8 00:00:21,400 --> 00:00:23,759 Speaker 1: which is actually a story in itself. But upshot is 9 00:00:23,840 --> 00:00:27,319 Speaker 1: we are the seventh wealthiest country on earth. If you 10 00:00:27,360 --> 00:00:29,440 Speaker 1: do the median i e. Half above, half below, we're 11 00:00:29,480 --> 00:00:32,599 Speaker 1: the fifth wealthiest. So if we're so wealthy, how come 12 00:00:32,640 --> 00:00:34,400 Speaker 1: we can't afford rent? And if we can't afford rent, 13 00:00:34,479 --> 00:00:36,800 Speaker 1: how come the offering grocery vouchers to luris and none 14 00:00:36,800 --> 00:00:38,559 Speaker 1: of others makes sense? The answer, of course, lies in 15 00:00:38,600 --> 00:00:42,319 Speaker 1: the specifics of each story. The middle class line came 16 00:00:42,360 --> 00:00:44,640 Speaker 1: from a unionist. They called an economist in the story, 17 00:00:44,680 --> 00:00:47,080 Speaker 1: so a man with an agenda. Obviously he cited a 18 00:00:47,120 --> 00:00:49,840 Speaker 1: teacher on sixty thousand dollars a year. Our teachers don't 19 00:00:49,840 --> 00:00:51,839 Speaker 1: earn sixty thousand dollars a year. We'll only the new 20 00:00:51,840 --> 00:00:54,240 Speaker 1: ones do the young ones. But let's be frank, if 21 00:00:54,240 --> 00:00:57,440 Speaker 1: you are new and young and starting on those early wages, 22 00:00:57,640 --> 00:01:00,920 Speaker 1: you should be flatting. As for the about story, well 23 00:01:00,920 --> 00:01:02,960 Speaker 1: that's a reflection of the good news. Rentals are not 24 00:01:03,040 --> 00:01:05,560 Speaker 1: rising the way they were because of supply. Thousands more 25 00:01:05,600 --> 00:01:08,000 Speaker 1: houses are on the market. There are some more houses 26 00:01:08,160 --> 00:01:10,920 Speaker 1: than punters, so that sort of supply demand equation is 27 00:01:10,920 --> 00:01:13,319 Speaker 1: good of course for the consumer. So if you drum 28 00:01:13,400 --> 00:01:16,440 Speaker 1: up the worst case scenario, guess what you'll find a 29 00:01:16,520 --> 00:01:19,920 Speaker 1: problem closely followed by a headline. But what of this 30 00:01:20,080 --> 00:01:24,520 Speaker 1: wealth transfer? Well, interesting report. Billions is changing hands as 31 00:01:24,560 --> 00:01:26,839 Speaker 1: the boomers die and the kids get the inheritance. Women 32 00:01:26,959 --> 00:01:30,640 Speaker 1: are disproportionately benefiting over men. It will carry on, apparently 33 00:01:30,640 --> 00:01:33,080 Speaker 1: well into the twenty forties, and is a reminder that 34 00:01:33,120 --> 00:01:36,200 Speaker 1: we are not in fact a squalid, broke backwater that 35 00:01:36,280 --> 00:01:38,840 Speaker 1: many would make us out to be. Yes, we may 36 00:01:38,840 --> 00:01:40,959 Speaker 1: well be a low paid or low wage economy, but 37 00:01:41,000 --> 00:01:43,560 Speaker 1: we are not as economically divided as many would make out. 38 00:01:43,600 --> 00:01:46,319 Speaker 1: We are not broke, and through things like housing, vast 39 00:01:46,480 --> 00:01:49,600 Speaker 1: sums have been amassed and it's currently being bequeathed and 40 00:01:49,640 --> 00:01:52,480 Speaker 1: left to others. The trick is to read the detail, 41 00:01:52,720 --> 00:01:55,240 Speaker 1: not fall for the headline. Of course, can some not 42 00:01:55,320 --> 00:01:57,480 Speaker 1: afford rent, Yes, of course, but it's not the norm. 43 00:01:57,840 --> 00:02:01,480 Speaker 1: That's your story, But then that does make a good headline. 44 00:02:02,000 --> 00:02:04,880 Speaker 1: For more from the Mic Asking Breakfast, listen live to 45 00:02:05,000 --> 00:02:08,080 Speaker 1: News Talks at B from six am weekdays, or follow 46 00:02:08,120 --> 00:02:09,679 Speaker 1: the podcast on iHeartRadio.