Mascot Tower owners crumble into bankruptcy

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In June 2019, Sydney’s 132-apartment Mascot Tower was evacuated after large cracks were discovered.

Fresh cracks then appeared in February 2020, prompting authorities to close shops and set up an exclusion zone around the building.

Nearly two years on and 132 families remain locked out of their apartments with many lumped with crippling debts.

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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.