Rents highlight Australia's economic Achilles heel, but it's not what you might think
Rents highlight Australia's economic Achilles heel, but it's not what you might think
www.abc.net.au Australian real estate has at least one thing in common with a Ponzi scheme, and that makes it vulnerable to a crash
Property prices have risen faster than rents for all but three of the past 11 years, and it's indicative of Australia's chief economic malaise.
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It's great for the banks that lend the money, the real estate agents and state governments who take their cut from the transactions [...]
This part towards the end succinctly sums it up. With those interests in mind, it's little wonder why we're in this mess, and why it will be so difficult to get out of it.