Barefoot Investor Scott Pape has revealed that an unnamed politician allegedly described Aussies seeking financial counselling as 'no-hopers'.
uncertain
politician → reveal → hopers
Writing in the Herald Sun, Pape said the comment was made during a catch-up with a politician who was seeking his endorsement ahead of the Victorian state election.
asserted
who → write → election
Pape said he met the politician at a suburban cafe in their electorate.
asserted
he → say → electorate
While the politician wanted Pape's endorsement, he said he used the meeting to push for increased funding for free financial counselling.
asserted
he → want → counselling
After outlining his case, Pape said the politician responded: 'Good on you for helping out the no-hopers.'
asserted
politician → outline → hopers
He said the politician appeared to regret the comment immediately.
asserted
politician → say → comment
'No sooner had the words left their mouth than a look of horror came over their face,' he wrote.
asserted
he → leave → face
'It was like they wanted to reach out, grab the words, and stuff them back down their gob.'
asserted
they → want → gob
Scott Pape (pictured) said a politician referred to a group of Australians as 'no-hopers'
asserted
politician → picture → hopers
Pape did not identify the politician and said he would not reveal their name.
asserted
he → identify → name
'There are a lot of people who view financial hardship as a character flaw,' he wrote.
'Something that happens to people who can't hold down a job.'
asserted
who → be → job
Pape used the anecdote to highlight new research showing that many Australians seeking help with debt are in paid work.
asserted
Australians → use → work
He pointed to the Consumer Action Law Centre's Price of Survival report, which found 38 per cent of debt-support clients in Queensland and Victoria were employed or self-employed.
asserted
cent → point → Queensland
Mortgage stress was the most common issue raised by callers.
asserted
stress → raise → callers
'No surprises there,' Pape wrote.
asserted
Pape → write → ?
He said rising interest rates and stubborn inflation were putting enormous pressure on household budgets.
asserted
rates → say → budgets
Pape warned that household budgets were being pushed by rising inflationary pressures (file)
asserted
budgets → warn → file
Pape claimed Australian households now spend a larger share of their income on interest payments than they did in 1990, when official interest rates reached 17 per cent.
asserted
rates → claim → cent
He said the Reserve Bank could lift rates further as it sought to bring inflation under control.
uncertain
it → say → control
The RBA board is set to meet on Monday and will hand down its rates decision on Tuesday, the same day as the Melbourne Cup.
asserted
board → set → Cup
Pape argued the central bank had been lifting rates because inflation remained too high.
asserted
inflation → argue → rates
'Why do they keep lifting rates on home owners?
asserted
they → keep → owners
First, because government spending is in part fuelling inflation.
asserted
spending → fuel → inflation
(The Treasurer is instead blaming global oil prices… so why aren’t the US and UK hiking as aggressively as we are?)
asserted
we → blame → prices
'
'And second, because they have no choice.
asserted
they → have → choice
'Their main job is to stop prices rising too fast, preferably below 3 per cent a year,' he wrote.
asserted
he → stop → cent
Inflation figures released on Wednesday showed prices had risen 4.3 per cent over the year to September.
asserted
prices → release → September
Pape said higher petrol, housing and education were among the major drivers.
asserted
petrol → say → drivers
'In other words, the stuff you can't skip,' Pape wrote.
asserted
Pape → skip → words
He warned that those price increases were having a compounding effect on family finances and were hitting the most vulnerable Australians the hardest.
asserted
increases → warn → Australians
Pape said the people bearing the brunt of the cost-of-living crisis were often ordinary workers trying to stay afloat, not the stereotype in the unnamed politician's remark.
asserted
people → say → remark
'The people they hit the hardest are what that politician... calls the "no-hopers",' he wrote.
asserted
he → hit → what
The Aporia
