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Millenials should stop whingeing and embrace the good economic times, Australia's most powerful banking boss has told a teenage depression charity.
House prices may be unaffordable in Sydney and Melbourne, particularly for younger people and those on middle and average incomes.
Reserve - Bank - Australia - Governor - Philip
Despite that, Reserve Bank of Australia governor Philip Lowe, a baby boomer, told a fundraising luncheon for research into adolescent depression and suicide that young people had rarely had it so good.
Dr Lowe, who finished high school in 1979, told the Anika Foundation young people needed to take a look at an economic measure of unemployment and inflation, known as the 'misery index'.
Misery - Index - 1960s - Thursday - Luncheon
'The misery index is now as low as it has been since the late 1960s,' he told the Thursday luncheon in Sydney.
'Today, we are living in a world of low and stable inflation and low unemployment.
'It - Ourselves - Sometimes
'It is useful to remind ourselves of this sometimes.'
While the misery index continues its steady decline, Sydney's median house price of $866,524 is more than 10 times an average, full-time salary of $83,500.
Generation - Sydney - Home - Backyard - Cost
A generation ago, a typical Sydney home with a backyard cost five times an equivalent wage.
And Australia's household debt-to-income ratio of 190 per cent is at a record high and now the second highest in the world after...
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