A business owner has been taken against the rising costs of living of Australia and says that he will only have two weeks left before he will be forced to explain bankruptcy.
The father of two, who runs a floor company in Sydney, shared his despair on TIKTOK as consumer expenditure dries up due to rising mortgages, rental prices and the costs of household goods.
“Welcome to Australia, where you are (sic),” read the caption.
The family man said that the country had become 'an absolute joke' when he focused on rising prices for households and high taxes and wages for companies.
“You can't afford to rent,” he said.
'The rents of the apartment we were staying at was $ 450 a week – it jump to $ 780.
'You can't afford a mortgage – we finally bought a house, right? You cannot pay the mortgage because the (interest) rates are too high. '
The cash rate is currently 4.1 percent after the reserve Bank of Australia has reduced it by 0.25 percent in February.
It marks the lowest that it has been since the beginning of November 2023, but increasing real estate prices means that the size of the mortgages continues to rise, so that people are moved with a disposable income.
Westpac issued a new home ownership report on Tuesday with a third, or 30 percent of homeowners, considering refinancing.
The father of two said that shopping for groceries was a different financial burden.
“You can't afford shopping because Coles and Woolies dominate the market,” he said.
The Australian Competition & Consumer Commission started an investigation into the supermarkets in February 2024 while investigating the claims of pricing.
Both supermarkets are accused of misleading consumers by temporarily increasing prices by at least 15 percent before they reduce them marginal, so that they can hit promotional discount stickers on them, even if there is no real reduction.
The ACCC claims that Woolworths has done this for 266 products in its prices, the promotion has fallen for 20 months, while it claims that Coles did it for 245 products in its down promotion for 15 months.
The findings are expected to be pronounced on 28 February this year.
A business owner has been taken out of the rising costs of living and claims that he has only been left for two weeks before he is forced to declare bankruptcy
The father of two claimed that he had struggled to keep his company up because of the high taxes.
'Your taxes are absolutely insane – you pay around 45 percent on your company. It's not that nice, “he said.
The business owner added that he feared that he could only make the mortgage repayments for the next or two weeks before he had to declare bankruptcy.
He said he had lost more than $ 3 million since Covid.
“Thanks Aussie government, we love it,” he said.
In a follow -up video, he explained that he had lost all his savings and supernuction during the pandemic.
“This is probably one of the last things we have to hold is the house,” said the father.
He said that although he owned a house, he slept most nights in his car instead of returning home so that he could save money on fuel and road ttol.
Woolworths and Coles are accused of misleading consumers by temporarily increasing the prices by at least 15 percent before they hit them with promotional discount stickers at prices higher than before the rise (stock image)
He showed off his work can, which had blankets and a mattress together with his work tools.
“This is what I have to do as a business owner in Australia to try to give my children a better life,” he said.
Many users of social media sympathized with the father when they opened with their struggles.
'I want to cry when I think of the position in which I was before I was in the position I am now. Can't even afford to rent a place, “they wrote.
“I can't afford to go to the dentist,” added a second.
