we are definately going to get higher unemployment and probably at least 100,000 jobs lost for a couple of years which is usual in a property downturn. What that will do is drive prices down further with more stock coming on. Those jobs will come back eventually as they always do but this time it will take several years imo. I wish the economy was booming but it isnt and its time politicians started telling the truth about it. National borrowing by government just went up 3% and thats 3% of the total international debt. Ive been through a few property downturns but this one imo will be longer and deeper because the way the CB's around the world have propped up assets by lowering rates too far for too long. Self funded retirees who worked all their lives are getting hurt badly and a significant number of those will end up on part pensions. If they had left rates at around 5% a lot of this would not have happened. The RBA does not lower rates because the economy is going well it lowers rates because its going badly.
Note: I dont vote for either of the two main parties, I find they are both beholding to external forces and not working in the best interests of the people.
