{"id":32868,"date":"2021-06-15T15:06:21","date_gmt":"2021-06-15T03:06:21","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=32868"},"modified":"2021-06-15T15:06:21","modified_gmt":"2021-06-15T03:06:21","slug":"australias-ticking-economic-time-bomb-revealed","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/australias-ticking-economic-time-bomb-revealed\/","title":{"rendered":"Australia’s ‘ticking economic time bomb’ revealed"},"content":{"rendered":"

PHOTO: Millennials have it harder – statistically – than ever before to purchase a property in Australia.\u00a0(AAP)<\/strong><\/p>\n

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Australians are facing a “ticking economic time bomb” due to soaring house prices<\/a> and the anticipation that interest rates will rise within the next few years.<\/div>\n<\/div>\n
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A new report by the University of New South Wales has noted that in the past 30 years, Australia’s household debt has more than doubled.<\/div>\n
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In 1990 the national household debt sat at 70 per cent of Australia’s Gross Domestic Product (or GDP). In 2020 that figure rocketed up to 185 per cent of GDP.<\/div>\n<\/div>\n
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Soaring house prices and rock-bottom interest rates could rock the financial future of younger Australians.\u00a0(AAP\/iStock\/Getty)<\/strong><\/em><\/figcaption><\/figure>\n
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The report, titled\u00a0Housing: Taming the Elephant in the Economy<\/em>, called on the Reserve Bank of Australia<\/a> (RBA) and a Royal Commission to ensure younger Australians aren’t burdened with the cost of housing.<\/div>\n
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“Australia’s approach to housing policy has fuelled income and wealth inequality and created significant economic instability. This is a huge drag on productivity and warps Australia’s capital investment patterns,” said the report’s lead author, Professor Duncan Maclennan.<\/div>\n
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“The recent explosion in house prices brings a fresh and troubling dynamic. Rampant price growth has returned to the larger cities and is now spreading to regional Australia.<\/div>\n<\/div>\n

READ MORE VIA 9 NEWS<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

PHOTO: Millennials have it harder – statistically – than everRead More →<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":26253,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098512,478116451,478098521,478098566,478098562,478098542,478098519,478098535,478116452,478098522,478101688,478098513,478098873,478098579,478098510,478098514,478098511,478098705,478098533,478098828,478098509,478098610,478099581,478116450,478110825],"class_list":["entry","author-data123nz","post-32868","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-australia","tag-australias-household-debt","tag-australians","tag-first-home-buyers","tag-foreign-buyers","tag-home-loans","tag-home-ownership","tag-house-prices","tag-housing-taming-the-elephant-in-the-economy","tag-interest-rates","tag-mortgage-debt","tag-property","tag-property-investment","tag-property-market","tag-property-news","tag-propertynoise","tag-real-estate","tag-real-estate-agency","tag-real-estate-agent","tag-real-estate-agents","tag-real-estate-news","tag-reserve-bank-of-australia","tag-royal-commission","tag-ticking-economic-time-bomb","tag-university-of-new-south-wales"],"yoast_head":"\nAustralia's 'ticking economic time bomb' revealed - 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