A stunning report on news.com.au has echoed what the Citizens Electoral Council has long warned: there is a growing threat that Australia could set off the next global banking meltdown.
The banks must not be allowed to victimise people for a problem they created. Over the last two decades, many homeowners have made foolish decisions to borrow far more than they could afford. But they are not responsible for this building crisis.
Australia’s housing market is tanking fast and the economy is facing an Ireland-style economic bust. We must act, now, to avert a social catastrophe and restructure the financial system to fix the cause of this crisis.
