i saw a seminar today in sydney by bill zheng
he was very bearish about the state of the australian economy, basically saying that for the last 20 – 25 years we had been growing at 10% pa, but that we were growing out debt as a nation at 13% pa.
he said at this rate our country's private equity / debt ratio will be above the crucial 65% LVR within 2 years time and that the international banks will stop lending money
this is of course overly generalized, but that was the general jist of it.
he was quite convincing, scarily so . . .
just wondering what anyone else thought of this macro economic situation that we currently face
he said the only way to fix was to increase our productivity . . . not sure we'll be able to pull that off in such a short space of time and having had it so good for the past couple of decades.
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