Australia, The Land Of Droughts, Flooding Rains And Massive Household Debt!

A popular poem penned by Sydney-born Dorothea Mackellar in the early years of last century speaks lyrically of a vast brown continent shaped by ragged mountain ranges, sweeping plains, jewel seas, golden noonday sun, droughts and flooding rains. But today any description of Australia must refer to the vast record-breaking expanse of debt held by households, mostly for mortgages. Total loans outstanding are according to the RBA $1.58 trillion for owner occupied mortgages and a further $749.1 billion for investor mortgages. Australia has the third-highest level of household debt for countries in the Organisation for Economic Co-operation and Development (OECD), […]