Global issues today

Real estate or petroleum?

Wow. According to the Sydney Morning Herald, June 19, 2006, Australian oil expenditure was $500,000,000 more than it was in April. This amount is threatening to blow out our trade deficit. Can anyone believe that we can spend that much in 1 month on fuel?

Apparently this is influencing rental prices, which are going up because people are abandoning their mortgages in favour of paying for their petrol. This implies we are wiping our hands on our pants and walking away from the great Australian dream of owning our own house.

This strikes me as being slightly insane. Did we think this through before we traded stability, comfort and a sense of our personal identity for a full tank of oil?

I use the term “we” fairly loosely because I, personally, rarely drive. Lately I’ve been walking a lot. It’s the first time in my life that I’ve taken to my feet over hopping in the car. It could be that my car is parked inconveniently and I’d rather leave it collecting gum leaves and bird droppings than fight for a parking space around my inner-city apartment, but with the glorious, highly under-rated warm, blue skies of a Sydney winter (an observation after two years of the dismal, overcast, stuffy, cloudy, humidity of Osaka), I’m actually enjoying the walking.

I am not giving up my dream of buying a house in favour of oil. If I don’t buy property, who will end up owning it?

I think that’s something worth seriously considering!

posted by Eliza @ 8:42 pm