Costello warns of “hardship” for property

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From The Age:

At a property industry event in Sydney on Wednesday, the former treasurer said Australia’s luck was “beginning to run out”, the country had big questions to grapple with in the near future.

“We’ve got anxious consumers who are saving money, with real wages falling in a country where incomes have peaked. And they’re distrustful of the political class where consensus is breaking down. We need to work out how to put things back together.”

…”It could still be a good time for property if things revert to normal. But there could be a fair bit of hardship before we get there,” Mr Costello said.

“Between now and then there will be enormous adjustment in our society. Those that are nimble and those that are quick will take advantage, but it’s being ahead of the curve is what matters.”

Hit the bid.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.