Worry is Aus property market has not came off boil to any great extent and banks already in trouble. Everyones missed picture mining boom, principally facilitated property construction boom in WA, QLD, NT. Financed by offshore borrowings, when building consents fall, so does injection of funds from offshore to finance construction. And net drawings out of Aus will occur= interest + principal. I personally believe mining believe Aus economy is most at risk economy in World. Mining boom gave the average bloke enough rope to hang himself.
safe as a bank ..., page-10
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