Rack it and stack it cowboys create apartment crisis

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NSW’s peak strata body warns that Sydney apartment owners are facing a $1 billion repair bill to replace dangerous flammable cladding and has called on taxpayers to pay. From The SMH:

Mr Duggan estimated that $1 billion was “a more appropriate figure” to remedy the more than 600 buildings affected by combustible cladding.

“Enough is enough at this point in time. We’ve got a systemic crisis at the moment across NSW with defects, cladding and issues that are all stacked against consumers,” Mr Duggan 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.