There was a song about that, but it wasn't describing the plight of the world of renters in the US compared with the world of home owners. And I expect it's much the same here in good old egalitarian Oz.
People who experienced Paul Keating's 17% mortgage rates here, many of them, would look at the folks struggling with rates now half that much and think/ say "you don't know how lucky you are". But most of them forget that the 17% was being paid on balances a lot lower, maybe $50-70000, while today's rates are being paid on balances of $500,000 or much more. A helluva difference. Frankly I don't know how there aren't mass foreclosures. Maybe there are.
