NSW and VIC ponzi economies hit wall

So says the NAB business survey:

2011 called. It wants its economy back. Houses bashed as holes boom.  2020 will reverse it again as the terms of trade fall away. Whether the east can recover will depend upon the extent of the global shock.

Houses and Holes

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 fouding 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.

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