Mortgage stress now grips 42 per cent of Australian households, according to a UNSW City Futures Research Centre survey. This is a sharp increase from 30 per cent in February 2020.
The Australian government and major-party politicians have one response to concerns that bank deposits could be “bailed in”: don’t worry, you’re protected by the $250,000 Financial Claims Scheme (FCS) deposit guarantee.
The death-knell of neoliberalism in Australia is sounding louder, with a landmark policy recommendation inserted in the end of a Parliamentary report handed down mid-March.
Since the election in May, the Morrison government, Reserve Bank and Australian Prudential Regulation Authority have thrown everything and the kitchen sink at reversing the fall in house prices.
The Liberal-National Coalition MPs and Senators in the government endorsed the $10,000 cash ban bill in their 17 September party-room meeting; it is now likely to be introduced into Parliament this week.
