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Murdoch is on the warpath.
Banking giant ANZ’s revised forecast this week that capital city home prices would fall 10.6 per cent from peak to trough in the current slump – led lower by Sydney sinking 14.5 per cent and Melbourne falling 12.8 per cent – is the most dire prediction made following the May federal budget.
…Mr Bassanese said if property prices nationally fell 15-20 per cent it could “tip the economy into recession because of the hit to wealth and consumer sentiment”.
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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.
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