Our wealth does indeed reside largely in the property market. An...

Our wealth does indeed reside largely in the property market. An unprecedented housing bubble supported by record debt.

About $1 trillion of mortgage debt lies on the books of our banks. Little wonder the Big-4 make up 4 of the 5 largest companies in Australia.

And that's why our banks are making record profits. This is a sign of weakness in our economy, not strength. In fact the historic level of household debt is the greatest threat to this nation. And now that the house-of-cards Ponzi is looking vulnerable the vested interests are becoming more desperate than ever to prolong the illusion.