The ‘Great Australian Dream’

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80% of Australians place home ownerships as their most important priority

Paying off the mortgage is the new Australian dream, according to new research from MLC, the Australia Today report, with almost 80% of Australians placing outright home ownership as their most important priority.

77% of Australians rate this as an important priority

Australians would love to be living off one income. 77% of Australians rate this as an important priority. With reduced pressure for both partners to work, one partner could care for children, manage the home or care for elderly family members.

Living well today is what we’re all about. Interestingly, yesterday’s luxuries, such as having the latest technology, entertainment and eating out at least weekly are considered today’s essentials among a broadening self-selected social group we define as the new ‘average Australian.’

The cost of being comfortable is certainly high. Almost half believe you need a salary of more than $150,000 to live comfortably in Australia. Furthermore, three in five (59%) believed that being worth $1,000,000 doesn’t mean you’re rich in Australia today.

46% of Australians live pay-cheque to pay-cheque
To support our lifestyle, 46% of Australians say they live pay-cheque to pay cheque – including those on high incomes with:

  • 22% of households earning $200,000+ AND
  • 27% of households earning $150-200,000 also agreeing their cash flow runs pay-cheque to pay-cheque.

An astounding 85% of people agree that people today live beyond their means.
There is a very real disconnect between the dreams of the new ‘average Australian’ and their ability to fund a lifestyle that does not put them one step away from danger. People that find themselves living pay-cheque to pay cheque would likely find great value in partnering with financial professionals who can help complete a greater financial picture.