2 February

This graph shows why Australia has looked like its ‘economy’ has been growing constantly for the past 25 years. We’ve been using our houses as ATMs, ramping up house prices using cheap credit and then using the ‘equity’ in our homes to fund more spending elsewhere in the country. House prices are trending down. Sensible people have warned about the danger for many years. There is no equity in our homes, it’s a credit bubble. Our country is a casino. There is nothing to show for all this supposed growth - we haven’t produced anything. Extreme danger ahead.