Scummo’s housing guarantee sinks UK FHBs into negative equity

Thursday, 22 August 2019

Yesterday we saw Stockland trumpeting its corrupt access to the Property Council PM:

Chief executive Mark Steinert says settlement defaults spiked in the year to June 2019 to 7 per cent, the highest rate experienced by Stockland since the global financial crisis. Previously the rate of defaults was 3 per cent.

…He told Chanticleer he had spoken to both the Treasurer Josh Frydenberg and the Prime Minister Scott Morrison about the difficulties being experienced by new home buyers trying to access credit.

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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.