The Australian’s Robert Gottliebsen says Australia has a unique economic problem in that the Australian government “went on a lending spree to mortgage holders”.
“Absolutely stupidly, we went on a lending spree to mortgage holders in 2020 and 2021,” he told Sky News host Chris Smith.
“About 30 per cent of our total mortgage book was issued in those two years at very low interest rates.
“Those people are mainly on flexible rates and even the ones on fixed rates, they’re short-term fixed rates and they’re going to cop it in the neck very very hard.”
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