Sydney’s recession and house price crash are much more damaging for the Australian economy. CBA is now an enormously risky proposition based around a business model that implied positive equity in property.
CBA and Westpac, the Sydney based largest Australian banks, in fact probably most of the Australian economy is based on Sydney’s economy.
Australia could fail if the Federal Government and Frydenberg do not significantly help Sydney out.
Australia probably needs negative interest rates, Quantitative easing. Government bond buying programs, tax rates reductions like here in the U.S., purchasing subsidies, pay-roll tax reductions, land tax holidays and a raft more of other stimulus measures.
Frydenberg’s economy, always a very risky thing, now looks like going into a double dip recession.
Morrison should axe Frydenberg and all these non-financial defense minded bureaucrats in the Federal Government. they run a wasteful left wing Government with too much public sector, a ridiculous bipartisan One China Policy, and an uneconomic incompetent thought process.
They appear to be running Australia and Sydney into the ground.
Berejiklian should stop being a sycophant and call out the Federal Government for its incompetence.
Otherwise Berejiklian will lose the next state election by many a mile to Chris Minns If she stays leader?
The Governments in Australia have been atrocious, Victoria, Queensland, NSW, WA, SA, Tasmania, ACT and Federally.
It looks like a double dip recession almost depression and the the left wing parties in Government in Australia do not look like having any way of getting out of it.
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