Memo to Mortgagors…get your house in order

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Whether you believe it or not, an economic tsunami is coming and if you think we will survive the damage and the fallout, as we did the GFC, you’re dreaming.
The next GFC will make the last one look like a vicarage fund raiser. Why? Because we are not just making the same mistakes as last time, we are making bigger ones.

One simple statistic reveals a frightening scenario. Currently, the big four banks have a combined equity of around $162 billion. Place that alongside their current exposure to domestic mortgage loans of $1.6 trillion and you begin to see the looming threat.

Read more at: The Australian Independent Media Network

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The Myth of the Balanced Budget

CeRnyezWwAEoPysSomething will happen this week that will alert us to the reality of this government’s failures.
Despite all their rhetoric and their pathetic attempts to demonstrate their economic prowess, despite all attempts to gloss over their outright lies, their pretence at understanding economics, this week these champions of capital, of fiscal irresponsibility, will have the honour of taking our gross debt position beyond half a trillion dollars ($500,000,000,000).

Read more at: The Australian Independent Media Network

Incompetence and Expediency

Despite overly optimistic, but what should be called laughable forecasts in the budget, wage growth in Australia is now the lowest it has been since the mid-1990s. And it’s not hard to see why.
Private-sector annual wages growth, at the March 2017 quarter, was 1.8%. The latest labour force data released yesterday by the Australian Bureau of Statistics shows a modest decline in the unemployment rate from 5.9% to 5.7%.

READ MORE AT: The Australian Independent Media Network

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