What A Fine Pickle We Are In: With Roger Brown

I caught up with Financial Sector veteran Roger Brown to discuss the rise and fall of Australian property, and the agencies responsible for the mess we are in. Roger sheets much of the blame on APRA, plus poor policy from the RBA and Treasury. The net effect is the disenfranchisement of younger households, and the creation of spurious “wealth”. The truth is, many are going to find the next few years very tough, and there are risks to financial stability.

Roger is on Twitter as @bankcustomers

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    Martin, I always thought APRA was a music regulator.

    Australasian Performing Right Association Limited

    Maybe they should be enforcing the work of the banking APRA, just wrap everything in copyright claims 😛

  2. How lucky are we to have people like Martin and Roger.
    I've got a question if anyone has an idea. If housing was to drop to 40% to get back to trend how much does immigration affect that trendline, if you look we had about 20 million in population about 15-20 years ago and now we are pushing 26 million people, how large of a dint does that make in the 'normal' trendline and correction. Adding almost 1/4 your population over that 400% increase would affect the trendline a lot?

  3. Excellent discussion lads. These are essentially the reasons why I call this a growth regime. It solved a political problem with accepting globalization that entailed the export of our manufacturing economy to Asia. All growth regimes exhaust themselves. We might have abandoned full full-employment in the 70s, but no government could live with high unemployment across more than one election cycle, except a Labor government – the workers friend. Voila! Housing boom, tradies are the new process workers punching out new houses and apartments. The mistake you make is that you continue to think our Masters didn''t know all too well it was going to end with a bigger problem. Institutional bureaucrats just made sure it was going to be someone's problem with politicians scrambling to patch the inevitable tears in the bubble. Exit stage left APRA chief and all hail the new 'Labor' government. See the pattern yet? Enjoy Australians, you voted for all of it – decade after decade. Goebbels said the same thing about the German people amongst the rubble of Berlin.

  4. I'm going to set the cat amongst the pigeons here, and introduce the idea that not only should the tennant have to prove their solvency, but the owner should too. I want to know my landlord can cover their maintenance costs and service their mortgage without enormous rent hikes or having to disrupt my living situation by taking crazy financial risks, selling out from under me and having numerous strangers going through my personal space, not to mention the inconvenience of moving. I know… radical notion isn't it?

  5. They know exactly what is going on as the Financial System is a interconnected Octopus controlled by a few large Institutional funds
    Managers , and our Super Funds invest
    In them .

  6. "Maybe they will learn" is a very hopeful message, but hope is only delayed disappointment. As long as they have the common folk to pass on the consequences of their "mistakes", and these systems remain in place, nothing will change I'm afraid.

  7. Roger is right. There is absolutely NO way I would fight a war for this country. In fact sometimes a takeover by China would seem more favourable, at least we would all have housing!

  8. Everyone assumes that these regulatory organisations are competent or negligent.

    How about another somewhat conspiratory view; they are actually malfeasant/maleficent?

  9. Well said Gents there was me thinking I had gone mad.
    Let's just print more money start a war put a mask back on and blame climate change again.
    Problem is the sheep are still fast asleep.
    Keep up the good work

  10. We're in a pickle alright.
    Housing affordability and the shortage is massively curtailing labour mobility.
    However, I suspect that governments have economically 'weaponized' housing a long time ago. Both sides of politics.
    It's a control system. Plain and simple. And it works, brilliantly.

  11. 14:50 our Westminster clownshow is decades deep into repeating the same mistakes centuries apart.

    the boats on its lid. The RBA & politicoclowns are all parroting the same corporate sponsored groupthink.

    meanwhile each corner are holding a quantitative population growth card, wrongly thinking it is a counterpoint to their flawed economic presumptions.

    growing only amplifies the underlying flaws.

    Fire off all the warmongering neolibogues off to Mars on their nuclear submarines.

  12. Remember in 2019 apra crashed the market, then in 2020 the RBA said were expecting housing to fall by 30-40%, before then this excessive $1T in stimulus and record low rates till 2024. Clearly they are an unelected ship of fools.

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