A hypothetical family richer than half the nation’s families and poorer than the other half had a net worth of $77,300 in 2010, compared with $126,400 in 2007, the Fed said. The crash of housing prices directly accounted for three-quarters of the loss.

Families’ income also continued to decline, a trend that predated the crisis but accelerated over the same period. Median family income fell to $45,800 in 2010 from $49,600 in 2007. All figures were adjusted for inflation.

http://www.nytimes.com/2012/06/12/business/economy/family-net-worth-drop...      

Although Australia is not America, similar "crash" of earnings and stuff's values have happenned all over the developed world, such as that mentioned here in America, and in Europe where, presently, the next economic flux is being sorted out... Compared with the rest of the world, Australia did not fare too bad... Energy cost have soared everywhere and if there is no "revolution" in many countries is due to the governments having been "generous" in printing cash... Australia is one of the rare countries where "extra cash" is only "printed" in accordance with "growth" — not printed to pay debts with devalued currency...

from Pollytics .....

What do Australians believe about the economy? What do we believe the role is for government in our society and its economy today? Do our beliefs match our actions - or better still, are our beliefs and expectations of government even consistent from one topic to the next, let alone consistent between our broad ideals and what we actually believe when we focus on any given specific issue?

But more importantly, just how representative are those voices in our national debate that so often claim to speak on our behalf - that so often claim to represent the views we supposedly believe in as a population?

What follows is a walk through the national mindset as we have collectively revealed it to be over the last 6 months in polling. Some of you will be rejoice over what turns up, others will be horrified - all of you will probably have a chuckle at some of the paradoxes involved  - yet whatever your perspective, it certainly helps explain some of the underlying dynamics of our national disgruntlement.  The 30 odd poll results here mention the pollster and the date the polls were taken at the bottom and all have sample sizes about 1000 for a margin of error around the 3% mark.

What Australians Believe

From the independent

House sales have plummeted by almost 40% since the peak of the boom five years ago, the Royal Institution of Chartered Surveyors (RICS) said today.

Just over 15 completed sales were made per surveyor in the three months to May, a 40% drop on around 25 sales made over the same period in 2007.

The reluctance of many banks to offer people mortgages they can afford is behind the “stagnant” market, RICS said, although it expects sales to pick up over the summer months.

Lenders have been tightening their borrowing criteria amid the weak economy and the ongoing eurozone crisis, making it harder for people to take out a mortgage, with several putting up their rates....

http://www.independent.co.uk/news/uk/home-news/house-sales-have-fallen-40-since-peak-of-the-boom-7843652.html

http://www.smh.com.au/business/the-worlds-50-most-expensive-cities-20120612-207lr.html?rand=1339479813872

Labor staffers in ministerial offices have been asked to dig dirt on Coalition frontbenchers as the Government prepares to go on to a campaign footing, AM has learned.

Ministerial staffers have been asked to dig up details on political opponents' "younger days", social media posts, articles in student newspapers, and past and present litigation.

Labor ministers have also been told to be on a campaign footing from next month amid a period of intensifying political attacks inside and outside Parliament.

There is disquiet within Labor ranks about the request, with one member of the Government telling AM it is aimed at "looking for shit on Labor's opponents".

The Labor MP described the office of Julia Gillard's director of strategy, Nick Reece, as "a dirt unit," saying such activities should not be associated with the Prime Minister's office.

http://www.abc.net.au/news/2012-06-14/labor-dirt-unit-unleashed-on-opposition/4070120

About time I say... Hit the Libs in the groin... below the belt... The Liberals (conservatives) have been doing it for too long with impunity... In fact Labor does not have to dig deep to show that Tony Abbott is a hub of self-contradiction, of opportunistic hypocrisy and of confirmed ignorance... The problem rest with the media reluctance to pour dirt on its poster boy...