As if Australians can afford steeper rental fees. Seriously, the decline in retail spending should not come at a surprise to the intelligent, as consumers today are simply 'maxed' out. One big mistake was to force our local population to up their bids in a desperate attempt to outbid cashed up foreigners. Yes, many locals eventually bought themselves into the market, but at a big expense.
So now that these individuals are in the market, how is that going to benefit the economy? If anything, it will hurt our economy simply because there is now less money available for discretionary spending, which in the end hurts everyone.
To add fuel to the fire, the negativity that is coming out of the press is a stark contrast to what we are used to. Subliminal messages are tainting 'once bullish' minds, and with repeated bombardments of negativity it's not hard to imagine the depressed mindset that can and will eventually overcome the majority.
If rents do rise, then expect to see humans at their very best at being resourceful. They will either seek cheaper accommodation, or live with others in an effort to cut livings costs. We have brought in foreigners who are now our locals. Do not for one minute that they are like the rest of us - they will not tolerate being ripped off and will do their utmost to beat the system, which they will and they are.
The other problem is with foreigners that did it tough is that they will beat all of us exposing our flawed way of working. They are undercutting our wages in massive leaps. The show has just begun. All I say to the older 'selfish generation' is be careful what you wish for. The size of the economy pie is not effectively bigger, it's just that the slices have become smaller.
