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Norm Smith Medallist
- Jun 12, 2015
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- AFL Club
- Sydney
Prepare contingency plans': OECD warns Coalition government on falling house prices
The Australian economy could be dragged down by a house price crash so widespread the federal government would have to prop up some of the nation's biggest banks, the OECD has warned.
In a major departure from its past assessments of the Australian economy, the Paris-based think tank has cautioned the Morrison government to start planning now for a house-price induced downward spiral that would end the nation's unparalleled run of growth.
The Australian economy could be dragged down by a house price crash so widespread the federal government would have to prop up some of the nation's biggest banks, the OECD has warned.
In a major departure from its past assessments of the Australian economy, the Paris-based think tank has cautioned the Morrison government to start planning now for a house-price induced downward spiral that would end the nation's unparalleled run of growth.