Cough cough. We are no better than the US because banks were lending 105% because our buyers couldnt afford the deposit.
Houses are losing $100k to $500k around Australia and as prices fall loans become unsecured as the homes lose equity. Home buyers will walk way in droves and declare bankurptcy.
In the last crash iron ore companies with offtake agreements were told to go jump by the Chinese we dont want your product.
Australian media keep us so in the dark its not funny.
