Deluded Ponzi Pallas banks on swift Melbourne housing rebound

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By Leith van Onselen

Victorian Treasurer Tim (“Ponzi”) Pallas has $80 billion worth of projects covering hospitals, schools and transport in the pipeline if Labor is re-elected this weekend. Ponzi Pallas is hopeful that the current downturn in the Victorian housing market will only last 12 months, because any sustained decline would very likely push the State Budget into deficit in the next term of parliament. From The AFR:

“Treasury is predicting, and expectation is, we will see a moderation in both the volume and the price growth in the property market over the next 12 months but their expectation is that it will come back after that”…

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.