Labor will break the property market for many people. New buyers can’t get in, and people in mortgage prisons are doomed for years. Renters are going to end up hours away from work, living in tents or living in cars. This is happening globally since the FED and RBA lowered rates to super dumb levels and left them there. These rate rises are a consequence of inexperienced people in high places. It will get worse and the cost of living will keep rising with labor’s other nonsense policy of net zero. Australia will experience peak poverty under Labor greens. You look for the employment level to start going bad next. Labor will drive the country into the haves and the have nots. This is yet another reason why I think leftie Labor is a one hit blunder. Voters won’t come back for many years. The fact that labor continue to push this dysfunctional bad immigration policy proves they are incompetent people. People who own their homes may feel good, but get used to the fact that this is not a free ride. The inequity is going to cause major political problems. They should pull back immigration by 50% imo. The govt wants to build 1m homes. They won’t build 20% of that. It’s simply unable to fulfil this lie. It’s a fraction of what is needed. If anyone thinks this isn’t inflationary, think again. It means more rate rises. That’s when it will break for many mortgagees. 2.5% of some suburbs are already one month in arrears on their mortgages. Watch this blow out for more suburbs.
