The government should direct the Auditor-General to conduct an independent audit of Australia’s Big Four banks, in light of the collapsing property bubble to which the major banks are massively exposed.
Treasury has now joined the central bank and bank regulator in urging the private banks to reopen the floodgates on mortgage lending to avert a housing bubble crash.
Anyone still not convinced Australia’s property bubble is close to bursting should take note of a trifecta of recent warnings: forecasts of a major contraction in construction by industry insiders, a major reversal in international capital flows t