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Australian Dollar Plunges As Home Loans Dive; Australia Insolvencies Hit Record; Worst Is Yet To Come

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Somebody in Austrailia just noticed that they have near unlimited free-space for housing.

The 10th lowest population density in the world, only beaten by the likes of the Sahara Desert, the Namibian Desert and the Falkland Islands.

Yes lot's of Australia is unsuitable for cultivation, but there's plenty of room for houses.

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Plenty of room for housing, but many don't want to drive 90 minutes to work in places like Melbourne where development is all low storey, so it has to spread out sideways.

Recently back from Australia and New Zealand. Property prices were eye watering, the exchange rate was painful compared with my last visit 20 years ago and the economy was booming so everyone was positive. Something like 17 consecutive years of growth without a sniff of a recession. Prime territory for a housing boom. Every tall, flashy, non-hotel building in a prime location in Sydney or Auckland had the logo of a bank, an insurance company or one of the big 5 audit firms.

While I was there Gillard had flown out to China to do a deal on direct currency exchange, aimed at cutting the US$ rate out of the equation. China is the biggest trading partner. Despite the massive commodity revenues the Aussie net trade balance was negative, just like we've become accustomed to.

I predict the merry-go-round has a lot longer to spin before Australia gets anywhere near European and UK levels of problems.

p.s. The rates offered for savers were terrific, 5 to 7%. It seems a better place to offshore your money than Switzerland to me.

.

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Edited by Stainless Sam

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p.s. The rates offered for savers were terrific, 5 to 7%. It seems a better place to offshore your money than Switzerland to me.

At least the pound is up 12% against the Australian Dollar since March.

http://www.thisismoney.co.uk/money/holidays/article-2337847/Aussie-dollar-plunges-12-sterling-March.html

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  • 238 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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