NSW Government too late the hero on highrise slum towers

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Things have gone from bad to worse for residents of Sydney’s Mascot Tower. After the building was evacuated two weekends ago amid serious structural cracking, engineers have reported that the building is “moving in downward motion”. From SBS News:

Mascot Towers’ coordinating engineer has now identified a new issue along the northern and eastern boundaries of the complex.

“It appears that the building is moving in a downward motion,” an update sent to residents and owners on Monday night said.

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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.