Degrees, debt and denial: The starter pack for modern adulthood

Interest rates, education fees and the cost of housing are among problems faced by the current generation who have it much tougher than ever before, writes John Longhurst.

BAZZA AND HIS MATES of a shared vintage clutched schooners and hovered over Bella, the publican, who was seated in front of four mobile phones lined up for surgery.

She picked up the first phone and shook her head:

“Now, Mario, why have you written your name, home phone number and P.I.N. on the back of your phone?”

Mario replied:

“Well, Bella, in case I lose it, people can ring me... and I always forget the P.I.N.”

Bella momentarily closed her eyes and ran her fingers through her hair. She sought details from Mario and, with lightning fingers, scrolled through the phone. She removed the handwritten note sticky-taped to the back of the phone.

Bank of Mum and Dad making it harder for those less fortunate

Parents buying property to help their kids out are making it tougher for those struggling to make ends meet.

Mario’s eyes widened as she explained the Find My iPhone app and fingerprint access.

Bella cut short Bill’s mansplanation and various examples of predictive text problems from his phone and provided him with an instant lesson, as the conversation moved to interest rates.

As per usual, Know-All-Ron held court:

“In my day, you were paying upwards of 15% interest rates to buy a house. It was bloody tough back then, I mean really tough. These days, they are whinging about paying 2 or 3%. I remember...”

Bella removed her earbuds and eyeballed Know-All-Ron.

“You remember, do you, Ron? When you bought a house it cost under three and a half times the average annual income. It now costs more than ten times the average annual income. It means I have to work almost seven years longer to buy the same house and guess what? My extra seven years of income is ending up in your pocket.”

Know-All-Ron puffed his chest, adjusted his glasses and motioned to speak.

Bella continued:

“And another thing, Ron, whilst those seven years of income are ending up in pockets such as yours, I am still paying off a HECS debt, years after I finished studying. Ah, you must remember how tough it was when university was free, Ron.”

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Know-All-Ron straightened his back:

“There is nothing wrong with a bit of hard work, Bella.”

Bella replied:

“There is nothing wrong with a bit of fairness in taxation either, Ron. From negative gearing and a 50% discount on capital gains tax through to superannuation, it’s weighted in your generation’s favour. No doubt we will also pick up the shortfall in baby boomer care as you age. All fine, Ron, but give me a break about how tough it used to be.”

There was silence as Bella picked up the next phone, screwed up her face and dropped it on the table:

“Bloody hell, Bazza, you need a new phone. This one has an aerial and looks like a brick.”

Mick stepped forward and handed his phone to Bella:

“I’m a bit ahead of the rest of these blokes, Bella. I just need some help accessing this Bluetooth thing.”

Bella gritted her teeth:

“No worries, Mick, go to settings, press this one here... there you go. Look up at the pub screen and the lot of you should listen carefully to this Lily Allen song, ‘Guess Who Batman’. Cover your ears, Ron, it might offend.”

Bella smiled and flicked up the link.

John Longhurst is a former industrial advocate and political adviser. He currently works as an English and History teacher on the South Coast of NSW.