geldof issues a warning on australian property

Geldof issues a warning on Australian property market

Nathan Mawby From: Herald Sun April 27, 2012 12:00AM


BOB GELDOF SAYS THE AUSTRALIAN PROPERTY MARKET BUBBLE COULD EASILY BURST AS IT HAD IN IRELAND.

BOB Geldof has warned Australia's property market could easily go the way of the Irish market.


The legendary rocker of Live Aid and Boomtown Rats fame yesterday warned a group of Melbourne businesswomen the property market bubble could easily burst as it had in Ireland.

Speaking at a Business Chicks breakfast, Geldof also claimed Australia's economy was too reliant on mining and the Chinese economy, and urged people to oppose government plans to reduce foreign aid.

"Australia, coining it in at the moment, ... is thinking of knocking the poorest on the head to subsidise other things," he said.

"I don't for a second accept that Australians think that is either reasonable or plausible."

He also pointed to women as having a greater role in ensuring balanced economies around the world - pointing to the women in Africa who raise families on as little as $1 or $2 a day.

"Asymmetry must be dealt with and to deal with it you must bring women into the workforce, into education ... and into property," Geldof said.

Business Chicks is a national network of more than 25,000 businesswomen running their own businesses, small or medium enterprises or employed by the nation's biggest corporations.