anz has topped, page-47

All of those suburbs are just outside the worst 75 so they arent on that list but close to it.

I know I know its the demand and supply, we are different, we are unique, we dont have a sub prime (yes we do) , the bankrupsy laws are different homeowners in Australia can be pursued for the difference even after foreclosure, it doesnt matter that ANZ has 2/3 of its loan outstanding in residential RE

Then GFC imposes itself, commodities drop by 60% world trade falls by +50%, austerity grips the western world, Chinese stimulus drys up, Australian unemployment shoots past 10%

Then there is a collective OMG and a generation of home buyers are ruined by speculative leveraged investment

Then they like their great grand parents, so burnt by debt tell the next generation never borrow money, then the cycle continues

I was a banker in the 70s and 80s I know what happens when these kind of events unfold. I know first hand about the limits of hosuehold balance sheets and how to risk mortgages, most of the assumptions that went into this analysis have been so diluted by banks that a post GFC2 Basel II implementation will be near impossible in a few years, Australian banks simply wont have the capital reserves .