With a second high-rise residential tower in Sydney now forced to evacuate due to structural weakness, Australia needs a royal commission—or similarly empowered inquiry that can’t be rigged—to examine the crimes that have been rife in the construction boom. All levels of government have ignored these crimes, but they are now putting people’s lives in danger.
With the election charade out of the way, we can now see the truth about the economy in the actions of the economic authorities—it’s a full-blown emergency!
In a series of stunning announcements, the government, bank regulator APRA and the Reserve Bank, have confirmed that they are in a complete panic about the economy.
On 8 May the Senate Economics Legislation Committee released the report of its inquiry into the Banking System Reform (Separation of Banks) Bill 2019, opposing the policy. On 12 May Prime Minister Scott Morrison announced a scheme for first home buyers to purchase a house with only a five per cent deposit.
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 to Australian real estate, and leading bank executives issuing uncharacteristic warnings.
The REIA's figures, from a December 2007 survey, follow a JP Morgan/Fujitsu Consulting Mortgage Industry report which forecast 300,000 mortgage foreclosures across Australia this year.
