Somehow, the promise has been betrayed. Just what was society - the economy - and indeed, the housing market - meant to deliver. What was the promise? Has it been betrayed?
This article is based on a lot of reflection over the years on housing affordability, and talks I have previously given. Some statistics go back about five years, but I think the picture remains valid - I can't imagine the trends and influences would have changed that much since. I'll listen to any arguments any one wants to make.
Hockey's budget has come out to a mixed reaction. Some say the budget is destroying what Australia is, some say it is a needed reaction to a financial crisis. Here's my thoughts - necessarily wide ranging. I'll look at several viewpoints : "Not a crisis justifying dramatic action", "Georgist", "Asset Problem", "Debt / Financial Instability". However, I'll leave out issues of sustainable economics and low-growth economics. Take a look at "Prosperity Without Growth" by Steve Jackson for a review of this issue.