There are numerous reasons Bill Shorten’s Labor failed to convince Australians to elect them to solve their problems, but there is one obvious reason. Inexplicably, Labor let Scott Morrison off the hook on the banks.
The collusion of Liberal and Labor in rejecting the need for banking separation in a recent Senate inquiry, and in luring first home buyers into a plunging housing market debt trap, shows that business-as-usual has returned to the banking system.
Australia faces an unmitigated disaster in the housing market and, consequently, the banks. Every indicator in the housing market is suddenly very bad. What we are witnessing is shaping to be a bigger property crash than the 1890s depression.
Sensational information has surfaced that an Australian Treasury delegation travelled to Europe in February for discreet meetings with European countries on how they handled their banking crises.
