{"id":22706,"date":"2017-02-09T16:03:49","date_gmt":"2017-02-09T21:03:49","guid":{"rendered":"http:\/\/olduvai.ca\/?p=22706"},"modified":"2017-02-09T16:03:49","modified_gmt":"2017-02-09T21:03:49","slug":"time-to-panic-in-australia","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=22706","title":{"rendered":"Time to Panic in Australia"},"content":{"rendered":"
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Time to Panic in\u00a0Australia<\/a><\/h3>\n

Australians\u2019 private debt has soared to 187 per cent of their income. Debt is up from about 70 per cent in the early 1990s.<\/p>\n<\/header>\n

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The jobless rate rose for the second straight month in December to 5.8 per cent, and underemployment, the number of workers wanting more hours, is near an all-time high. Wage growth is the lowest on record.<\/p>\n

Australia has one of the world\u2019s biggest property bubbles. In some sections of the country, prices are already under severe price pressure. The entire country will soon face that problem, at least in my opinion,
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\"australia-borrowing-capacity\"<\/a><\/p>\n

The\u00a0Financial Review<\/em>\u00a0reports There\u2019s $1 trillion of Australian Mortgages and Some Now Worry of What\u2019s Next<\/a><\/p>\n

The Reserve Bank of Australia frequently seeks feedback on the health of the economy. It might want to call the debt counsellors soon.<\/p>\n

Homeowners, consumers and property investors around Australia are making more calls to financial helplines as three warning signs back up the spike in demand: mortgage arrears are creeping up, lenders\u2019 bad debt provisions have increased and personal insolvencies are near an all-time high.<\/p>\n

\u201cIt\u2019s steadily out of control \u2014 I don\u2019t know of too many financial counselling services where demand doesn\u2019t exceed supply,\u201d said Fiona Guthrie, chief executive officer of Financial Counselling Australia, who says the biggest increase in calls is from people suffering mortgage stress. \u201cThere are more people who have got mortgages that they can\u2019t afford to pay.\u201d<\/p>\n

Australia\u2019s households are among the world\u2019s most-indebted after bingeing on more than $1 trillion of mortgages amid a housing boom that\u2019s fizzled out in parts of the country, but still roaring in Sydney and Melbourne.<\/p>\n

RBA governor Philip Lowe places financial stability at the forefront of monetary policy.<\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Time to Panic in\u00a0Australia Australians\u2019 private debt has soared to 187 per cent of their income. Debt is up from about 70 per cent in the early 1990s. The jobless rate rose for the second straight month in December to 5.8 per cent, and underemployment, the number of workers wanting more hours, is near an […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[41,195,14648,14785,5058],"class_list":["post-22706","post","type-post","status-publish","format-standard","hentry","category-economics","tag-australia","tag-debt","tag-michael-shedlock","tag-mish-talk","tag-mortgage-debt"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22706"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22706\/revisions"}],"predecessor-version":[{"id":22707,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22706\/revisions\/22707"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}