"credit is king"
And there is our underlying problem.
Real economic growth, actual valuable activities havent been happening - it just money being pumped into the system via huge debt propping everything up.
If you have the foresight to see that Australian property (esp. in sydney) is hugely overpriced and due for a correction know that it is because people have been lining up to take out bigger a bigger debt burdens; its slowing down.
The last time it began to correct the government threw some incentives out there at the first home victims who kept it propped up - but its not a sustainable system.
Taking on a mortgage worth 9.5x your annual income because someone offered a 20k carrot doesnt appeal to me at all and i think these people will lose money.
Right now people getting into the stock market are losing money and plenty of boomers reaching retirement are starting to liquidate their share portfolios and choose safer options.
There be a shitstorm a'brewing all across the worlds economic markets.
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