you've missed one critical piece of the puzzle..
the inflation in the value of land.. that is what the RBA has finally stepped in to mitigate.. regardless of the pain that's going to be felt. regardless of the real potential for recession, the appreciation of land value as a result of the twin towers of low borrowing rates and incompetent government stimulus had to be addressed..
the ponzi of property, the inflation of non productive, non taxed assets at the expense of everyone and everything that is not a direct beneficiary of such inflation is totally unsustainable..
the disaster of incompetent stimulus into a sector already overheated from low rates will potentially cause the biggest disruption to the housing construction industry we have ever seen in the form of absolute breakdown of supply chains, the voiding of entire business models based on fixed cost, the delays and cancellations for consumers across the industry
prepare for more pain and it's all a direct result of an incompetent government.. a populist govt, a negligent govt, a failed govt
back as far as 2018, all the economists, all the experts, all the analysts were saying the Australian economy needs stimulus..
the LNP spouting surpluses and responsible economic management, ignored the advice, forced the RBA's hand and pushed them into monetary easing in parallel with their own policies favourable to the housing sector as the cheapest and easiest path of least resistance to demonstrable 'economic stimulus' and 'economic recovery' but increased land value does not equal economic recovery
the sad part is that many Australians actually believe that because the value of their property has gone up, the LNP must have done a good job ! Unfortunately for the LNP even that was not enough to purchase the votes of the turncoat beneficiaries of their economic mismanagement
good economic management would have taken the difficult path, the long term path of real fiscal policy to boost government spending, boost real wages, boost productivity and stimulate the wider economy.. but that's something the LNP is not up to, not capable of, not even aware of
The fact that we now have elections with climate change as the main issue is also a function of the LNP and the herd that voted for them .. They have ensured, that the future of Australian politics will mean that no party will ever release actual policy 'reform', but rather, elections will be fought on thought bubbles and personalities..
The legacy of the LNP will potentially be a crippling inflationary (including property not just the war in Ukraine !!) recession and dumbed down, thought bubble, presidential, politics
We've got a lot to be thankful for hey
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