07-13-2024, 01:26 AM
Thry, I am of the Silent generation, the generation whose taxes provided free university education for the Baby Boomers. In the 1950s only the wealthy could afford to attend Melbourne University. Workers did not receive the adult wage until they reached the age of 21.
Banks required a minimum 25 per cent deposit and a two year history of saving before approving a housing loan. Their valuation of a property was always under the purchase price, requiring the applicant to take out a personal loan with the bank, usually in the seven to nine per cent range. I knew engaged couples who put off marriage for years while trying to save for a housing deposit.
Single women in the Australian Public Service had to resign when they married. In the early 1960s my wife had to say she was single in order to get an office position. Newly wed women were knocked back because it was expected they would soon become pregnant and would have to leave.
It was almost impossible to get a bank loan for a car. Cars were expensive - the purchase price of a 1960 VW Beetle was close to the average yearly salary. Hire purchase at exorbitant rates, with three years of comprehensive insurance rolled into it, added to the financial burden.
I could go on detailing the high cost of clothing and goods, but I think you get the picture.
The point I wish to make is this: yes, I get the problems faced by people today struggling to make ends meet. It is history repeating itself.
Banks required a minimum 25 per cent deposit and a two year history of saving before approving a housing loan. Their valuation of a property was always under the purchase price, requiring the applicant to take out a personal loan with the bank, usually in the seven to nine per cent range. I knew engaged couples who put off marriage for years while trying to save for a housing deposit.
Single women in the Australian Public Service had to resign when they married. In the early 1960s my wife had to say she was single in order to get an office position. Newly wed women were knocked back because it was expected they would soon become pregnant and would have to leave.
It was almost impossible to get a bank loan for a car. Cars were expensive - the purchase price of a 1960 VW Beetle was close to the average yearly salary. Hire purchase at exorbitant rates, with three years of comprehensive insurance rolled into it, added to the financial burden.
I could go on detailing the high cost of clothing and goods, but I think you get the picture.
The point I wish to make is this: yes, I get the problems faced by people today struggling to make ends meet. It is history repeating itself.