[Sent to my one remaining plausible outlet 3 May.]
The main reason for stratospheric housing prices is that the commercial banks are allowed to create too much credit. The failure to understand and remedy this structural defect poses a serious threat to Australia’s economic stability and social cohesion.
Housing prices are an election issue. They are also a prime driver of severe inequality and a serious threat to the stability of the Australian economy. Foreshadowed rises in interest rates threaten to collapse the very high levels of household mortgage debt and bring on a serious recession. The dream of home ownership is disappearing for many. Homelessness is a rapidly increasing problem. Such inequality will further undermine our once-liberal society.