Australia: land of the free … and indebted

The only significant economic intervention in our open economy is monetary policy, which ultimately results in higher house prices and debt. This is unlikely to change any time soon.

Another frisson of disquiet rippled through the econotariat yesterday with the release by the Reserve Bank of credit aggregates for August.

Credit growth continued to accelerate and loans to investors grew to a six-year high of 9.2 per cent. Property investment now accounts for a record 21 per cent of total credit.


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