Please promote prudence
The Australian newspaper is reporting today an 18 per cent delinquency mortgage rate for regional areas in Australia. Shocking news that will no doubt be met by those who should be taking action to speed up a down turn, and subsequent recovery, with platitudes of "positivity". While the unemployment rate remains steady at 5.6 percent, well over 80, 000 full time jobs have been lost in the last twelve months. The only positive thing that can come from news like this is sensible policy that benefits the greater good, rather than the normal fractured approach involving encouraging further debt rather than saving and hard work.