Despite its size, Australia reminds me of small island countries I've lived in my life; the control of the politics and economy by a couple dozen families whose policies primarily serve their interests. Like Norway, Singapore and Middle Eastern oil and gas countries, Australia should establish a sovereign wealth fund built on its natural resources. The Future Fund is a sidestep to addressing the elephants in the room. Mining is Australia's most fundamental resource nearly entirely under control of Rio Tinto and BHP, which are themselves corporations mostly under foreign controls. Australia is in effect much like so many 3rd world nations giving away their wealth to local barons and foreign corporations while their populations live in poverty. Every Australian should receive shares of a Sovereign Mining Wealth Fund at birth, paid out upon retirement age.
There are several mega towers built in Melbourne that cater almost exclusively to Asian buyers, who are comfortable living in small apartments. But white Australians are unlikely to move in these, thus creating this dual market, one a struggling market to fill many units at various price points based on floor levels and a hyper competitive market for scarce low rise and houses at excessive value.
Australia is helpless They could choose a model like UAE and be super rich nation instead they have chosen pump RE whatever it takes model by bringing hordes of migrants and completely neglecting australians born there I see each and every australian politician has big RE assets so they concentrated on personal gains I know some australians with young adult children. they are in complete loss about their children future as no salary offers path to owning a house
CASCHZ!!! I didn't even read what you wrote... but your moniker came up at the top of the recent posts when I just logged back in...so.... ....for the readers here... let it be known... "Cashmire" as I call him... is a flaming Putin twink. --> Scroll down to the ET Cellar we call "The Politics Forum" and you can be your own judge. If you doubt what I say... well... search is your friend. I'm actually surprised Cashzmire popped his head above the sewer.
Donald Trump's Silence on US Housing Crisis Published Mar 08, 2025 By Giulia Carbonaro US News Reporter https://www.newsweek.com/donald-trump-silence-us-housing-crisis-2040572 Donald Trump's silence on the housing affordability crisis in the United States during his first speech to Congress since returning to the White House has troubled experts who worry that the issue is no longer a priority for the president. "President Donald Trump's speech didn't address housing affordability," Realtor.com Senior Economist Joel Berner said in a statement shared with Newsweek. "Apart from a passing comment about how the DOGE (Department of Government Efficiency) efforts to reduce government waste will bring down mortgage rates, the speech made no mention of the inventory and affordability crisis facing prospective homeowners," he added. "Even when cutting regulations was the topic, there was no specific construction or land development callout. Building new homes had been a feature of the administration's early agenda, so it was disappointing to find that missing." Why It Matters As millions have been priced out of buying homes over the past few years, housing became an important issue for American voters during the 2024 presidential race. Trump ran on the campaign promise of lowering home prices and increasing inventory through mass deportations and deregulations of the construction sector, while he said mortgage rates would drop as a result of the growth of the U.S. economy. However, home prices are still rising across the U.S., and housing experts fear the impact that Trump's immigration policies and tariffs on goods imported from Canada, especially softwood lumber, could have on construction costs and inventory levels. What To Know Trump's address to a joint session of Congress on Tuesday lasted more than 90 minutes—the longest in at least 60 years, according to NPR. However, the president never addressed the nation's ongoing housing affordability crisis. Trump only mentioned mortgage rates, which are still hovering around the 7 percent mark and are expected to remain between 6 percent and 7 percent in 2025 and 2026, in passing when referring to his goal of bringing down costs for Americans. "We will defeat inflation, bring down mortgage rates, lower car payments and grocery prices, protect our seniors and put more money in the pockets of American families," the president said.
Politician's obvious silence on spiralling housing prices issue is not Australia centric, it's everywhere. Politicians don't wish to address the issue because they have a business conflict, they own several properties and besides themselves, governments are milking citizens for all they are worth in taxes, not an exageration. Keeping people poor and enslaved doesn't concern them. Just the usual government bullshit.
That is the crux of the problem. In reality who can go through the gauntlet of modern politics to become PM/President who doesn't own real estate? Even the US Socialist (aka social democrat) Bernie Sanders owns multiple homes. History says this will only be remedied by an economic crash. In the US that was the 1929-1932 depression & to a lesser extent the late 1970s & early 1980s with the after effects of the Oil shock of 1973 onward. I think petrol here in the US went from $0.20/gallon to almost $1/gallon under president Carter. That also destroyed the gas guzzlers Detroit was selling & led to the rise of Honda & Toyota in the US. Anybody who voted for Trump heard about him from his NYC real estate development days or his TV role so his doing nothing about reducing RE prices shouldn't be a surprise.
One way to address the affordability crisis is to crash the stock market, raise unemployment and wait a few months... Soon enough prices will drop.