This article was posted to ABC 7.30 Reports
at www.abc.net.au/7.30 on 9/05/2006 1:39 AM
Lets commonsense prevail! Anyone with a gramme of grey matter in his/her head would have guessed that the Australian economy is not as robust and strong as many gurus have predicted.
Ask the many underemployed who want to work and do not find additional hours of employment, or the students cum retrenched workers in the TAFE colleges who have no choice but to study again; the rosy pictures are rosy no more.
The first home buyer grant and rebate offered by the State and Federal governments help many to achieve owning their homes sooner, but also created a pool of dreamers who want to own a "house" beyond their reach
Home ownership is not a necessity - just because one has to live in a house everyday does not mean that he / she needs to own one. Analogously, it does not imply that the same person who eats a variety of food need to own a grocery shop or a supermarket
I have spoken with many of my students about the timing of the real estate industry downturn, and the coming of "the recession we do not accept to have". Despite what the treasurer says, and what the Reserved Bank do in the future months, the house prices in Victoria will take a dive. Unemployment rate will continue to climb, leading to big rise in bankruptcy, suicide rate, marriage breakup, burglary and thefts.
History is going to repeat itself - one of the banks is going to be punished heavily for being too generous in lending money to many who can't afford home ownership or property investment
Tighten your seat belt Australians, we are facing a hard landing!
Lets commonsense prevail! Anyone with a gramme of grey matter in his/her head would have guessed that the Australian economy is not as robust and strong as many gurus have predicted.
Ask the many underemployed who want to work and do not find additional hours of employment, or the students cum retrenched workers in the TAFE colleges who have no choice but to study again; the rosy pictures are rosy no more.
The first home buyer grant and rebate offered by the State and Federal governments help many to achieve owning their homes sooner, but also created a pool of dreamers who want to own a "house" beyond their reach
Home ownership is not a necessity - just because one has to live in a house everyday does not mean that he / she needs to own one. Analogously, it does not imply that the same person who eats a variety of food need to own a grocery shop or a supermarket
I have spoken with many of my students about the timing of the real estate industry downturn, and the coming of "the recession we do not accept to have". Despite what the treasurer says, and what the Reserved Bank do in the future months, the house prices in Victoria will take a dive. Unemployment rate will continue to climb, leading to big rise in bankruptcy, suicide rate, marriage breakup, burglary and thefts.
History is going to repeat itself - one of the banks is going to be punished heavily for being too generous in lending money to many who can't afford home ownership or property investment
Tighten your seat belt Australians, we are facing a hard landing!