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Australian banks are over-leveraged, our mining boom is over and successive governments have stopped all attempts at renewable energy (to support the biggest political donors, the oil and coal industries). House prices are some of the least affordable in the world. We escaped relatively unscathed after the 2008 crisis but this was due to our mining sector generating massive gains. We have nothing to buffer ourselves this time around. A massive amount of people have something like 20 - 30% of their superannuation funds stuck in commodities which is exactly what happened last time around (although a lot of people were 100% in property last time). In short, we will be pretty hosed.
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Jan 22, 2016 01:14
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| # ¿ Apr 27, 2024 23:38 |
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