July 24, 2025 • 30 mins
The Great Australian Dream is dead—and it’s not coming back unless we take bold action.
In this explosive episode of The Finance Bible, Zeke Guenthroth exposes why home ownership has become a pipe dream for an entire generation. From the 1980s to 2025, housing prices have spiralled from 3.3x income to 11.2x nationally—and nearly 14x in Sydney—locking out everyday Australians and creating the most unaffordable property market in the world.
We break down the structural failures driving this crisis:
- Mass immigration outpacing supply
- Government policy favouring investors over first home buyers
- Zoning restrictions and red tape delaying critical land releases
- A construction sector buckling under labour shortages and insolvency
- How inflated prices are tied to Australia’s declining birth rate and collapsing family structure
Compare Australia with global players like Poland, Japan, the UAE, Canada, and the U.S. to see what we can learn—and what we're doing disastrously wrong.
Zeke doesn't just rant—he provides real solutions. From reforming immigration to rethinking first home grants, discover what must change to restore affordability and make owning a home possible again.
🎧 Enjoyed this episode?
Follow us on Instagram @zekeguenthrothofficial @oscardonproperty and @assetroad for daily insights, property breakdowns, and behind-the-scenes updates.
Explore more at www.assetroad.com.au
Disclaimer:
The information provided in this podcast is general in nature and does not constitute personal financial advice. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. Asset Road Pty Ltd recommends you seek independent financial, legal, taxation or other advice as required. All investments carry risk. Past performance is not indicative of future results.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Zeke Guenthroth (00:01):
Back in the day , growing up, ask any mother,
any father the Australian dream.
What was it?
Owning your own home, go toschool, go to uni, get a job,
buy a home, pay it off, she'llbe right, you'll retire all
sweet buddy, g'day, happy days.
The dream's now becoming out ofreach.
It's not just bad luck, it'sstructural, it's broken and it's
(00:22):
locking a generation out of thedream of home ownership.
That great Australian dream isnow exactly that a dream.
In this episode, I'm going tobreak down why buying property
has become impossible for mostand who's quietly winning from
the collapse.
(00:53):
Welcome back to another episodeof the Finance Bible Podcast.
You're joined with myself, Zeke, and your co-host, Oscar.
But before we get into it,please note that nothing in this
podcast should ever beconsidered as personal financial
advice.
But if that is what you areseeking, get in touch, let us
know and we will hook you upwith the correct professionals.
Sit back, relax and enjoy theshow.
Let's get into it.
(01:16):
Imagine a young couple inMelbourne, both working
full-time, saving every dollar,yet still priced out of a
one-bedroom unit.
This isn't just their story.
It's the reality for millionsof Australians.
Today we're unpackingAustralia's housing
affordability crisis why priceshave exploded, who's profiting
and how it's reshaping society,from family life to birth rates
(01:37):
and so on.
We're going to dissect thecauses of the housing crisis
within Australia, focusing ongovernment policy, immigration,
zoning, declining householdstructures.
Explore rapidly into how highimmigration is actually masking
our economic weakness andpropping up growth through
housing demand.
Compare Australia to othercountries like Poland, germany,
(01:58):
japan, uae, canada, uk, us, andpropose some bold structures to
restore affordability andfairness within our country.
We're going to trace the crisisfrom 1980 through to 2025,
expose who is driving up theprices, analyze all the failures
of supply and link this toeverything, such as falling
(02:20):
birth rates, broken families,divorce, fatherless homes, and
compare Australia to globalsuccess stories and offer real
solutions to fix this mess.
So what we need to do is weneed to kind of gather a
timeline right.
So back in 1980, the medianhouse price was about 3.3 times
the average household income,which back then, home ownership
(02:42):
extremely affordable.
It's only 3.3 times your, yourwage, your household income.
So you know, if you wereearning 50 grand, you could pick
up a house for about 160k.
How good is that?
Take me back to those days.
Hey, in 1990 pretty stable.
It only went up to 3.5.
You know, there was good supplyand demand, really really good
(03:03):
balance.
Immigration wasn't too chaotic,everything was kind of moving
how it should.
Everything was good.
In 2000, there was a bit of ajump.
It went from 3.5 to 5.2, whichwas mostly driven by the 1999
capital gains discount.
That was when they introducedthe capital gains tax discount
and people started to reallystart buying property because it
(03:24):
was more attractive.
Ultimately.
And then 2010, we're reallystarting to move.
Now the ratio hits 7.3 asinvestor demand and immigration
began to surge.
So we all know what was goingon between 2000 and 2010.
You had a lot of wars, you had9-11, al-qaeda a whole bunch of
different things going on andimmigration began to surge.
(03:47):
Investing began to surge and weended up at a 7.3 ratio.
So if your household income was100K, you were buying 730K
property 2025, fast forward tonow we are having a catastrophe.
So 11.2 is now the medianmultiple.
(04:11):
So if you own 100K in yourhousehold, you're buying
property for 1.1 million.
Yeah, that's just notaffordable, is it?
When you're going to get homeloans and stuff, it's normally
about a five to six timesmultiplier of your income, but
Sydney is nearly at 14 times themedian income.
(04:32):
It's among the worst in theworld.
We're in the top five for theworst.
I think soon enough we're goingto be the actual number one
worst, and we'll get into that abit more later.
In the regional markets, from2020 through to 2022, prices
rose 20%, which completelyeradicated affordability.
That was during the COVID boom.
(04:53):
We all witnessed andexperienced that here.
Some of us were lucky enough tomake a fair bit of money on
that.
And there's now a generationaldivide as well.
So homeownership for under 35shas fallen from 61% back in 1981
to 45% in 2021.
Homeownership under 35s isdrastically on the way down.
(05:14):
It's dwindling, and what wefound is actually a fair chunk
of them were inherited as wellthe ones post-1981.
So through to 2021, that 45% ofhomeowners under 35, a fair
chunk of them have inheritedthose homes.
And what else is going on therent?
Let's talk about rent.
It's a burden.
(05:35):
Urban renters spend about 30%to 40% of their income on
housing, compared to about 16%,19% in other countries in the
OECD.
So you know that's more thandouble.
Australians are spending morethan double the average of other
countries in the OECD.
We are really doing tough.
Housing is chaotic and it's nota good trend.
(05:58):
Let's say that much so.
Notable shifts, cgt negativegearing that did have an impact
in the late 90s, like 99.
And that ultimately changed theeconomic outlook of all
investment property.
From that point on, post 2000,house prices have grown 7.2%
(06:19):
annually, outpacing wage growth,which was 2%.
And, as we know, house pricesin australia, detached housing
from 2000 through 2025 hasactually outperformed asx 200.
2020 through 2022, interestrates covered, so on.
We saw 15 to 20 price spike onaverage, which was even made
(06:40):
worse from the first home by agrant in terms of deposit
schemes and stuff like that.
But you kind of have to havesomething like that because
under 35s aren't getting intoproperty anymore.
In 1980 a house cost threetimes your income.
Today it's 11.2 times or 13.8times in sydney.
Young australians are beinglocked out, entirely, completely
(07:03):
destroyed.
Housing affordability hasbecome a generational crisis,
turning the Australian dreaminto an inheritance lottery.
So who's actually driving upthe price and how is this
occurring?
And we'll get into supply andstuff, but there's a fair bit to
go through, so just bear withme here.
Immigration great place to start2023, 2024,.
(07:25):
Australia had just shy of670,000 migrant arrivals, with
net migration of just under halfa million 450,000,.
Give or take this outpacedhousing construction drastically
, so ultimately we have morepeople coming in than we have
houses getting built.
(07:46):
Common sense we know how supplyand demand works.
A 1% population increase fromimmigration raises house prices
by about 1% annually at 0.9%.
Our economy is not in a greatposition.
Australia's economy is terrible.
We are a shocking nation foreconomical reasons.
(08:08):
Our outlook is quite poor andimmigration and housing
ultimately mask our economicstagnation by boosting demand
and it hides all the poorgovernment planning we've had
for the last 20 years in sectorslike productivity, for example,
or energy and that kind ofthing not doing great
(08:32):
economically.
However, with the use ofimmigration and with the
boosting of house prices and thecontrol of interest rates, from
an outlook it doesn't look thatbad, but yes, it's quite poor.
It's terrible.
Foreign ownership on property inAustralia.
So foreign buyers purchasedabout 5,500 properties worth
about $4.9 billion in 2022through to 2023.
(08:55):
But that was only about 1% oftransactions, so it's not
actually a lot Like yeah, sure,it's $4.9 billion, but that's
not a lot of transactionsoverall when you take into
account the full amount ofproperties being purchased in
Australia and the total amountof property value that's getting
sold and bought per year.
(09:16):
There's now been a two-year banon foreign purchases of
existing homes that started inapril.
I'm sure we can restrictforeign ownership and I actually
completely agree with that.
That's a great way to do it.
But you know, if we remove thethat little pool, as we said,
it's a very small percentage ofthe people buying property in
Australia.
(09:36):
We remove that little pool.
Ultimately the people here arestill going to be paying the
same prices.
It's not really going to impactthe overall market value.
So then you've got in-countryinvestors and homebuyers.
Negative gearing and capitalgains tax discounts save
investors literally billions.
(09:57):
At the moment Our propertymarket for investors is really
strong, which then again, due tothe investors doing what
they're doing, it inflatesprices and homebuyers who are
only about first-time homebuyers, I should say, who are only
about 30% of lending are reallystruggling to get into the
market.
It's really difficult to do,and about 20% of households own
(10:19):
investment properties, with 1%of taxpayers actually holding
25% of the rental market.
So 1% of the populationactually own 25% of the rentals.
It's a big number.
Restrictive zoning and slow landreleases have been limiting
(10:39):
supply and high demand.
Areas like Sydney and Melbourneare underdeveloped.
We all know that.
But let's talk about the zoningand land releases.
So I've seen I obviously do alot of work in development and
land development and thenbuilding houses on it and so on,
and what you see is let's justuse Brisbane as an example.
(11:00):
Like the greater Brisbane region, there's land that we're
working on now and selling nowthat doesn't register or title
for another six or seven months.
You're getting, you're pickingup stuff like that for 400 grand
and they're not going to beready until next year and then
you've got to build on that,which is another eight months or
so.
So it's another year and a bitcall it a year and a half even
(11:25):
until that property is actuallyready to move into.
Then you move on to councilapprovals, project delays and so
on, increasing costs.
Let's use WA as an example here.
Lodging a building permit in WAright now.
Let's use the Manjaro regionfor a bit of fun 60 days we're
looking out for an approval fora building permit.
So you get the land, you settleon it, they lodge the building
(11:46):
approval and cool, 60 days laterwe have one, so that build's
delayed an extra two months,pricing might change, there's
delays, so on.
They've got to redo things.
It's chaos.
While the tax system is handinginvestors billions first, home
buyers, on the other hand, arethere begging for scraps with
their hands out.
(12:06):
It's a tough market.
Young people are losing unlessin a position where they can get
into the market, and I wouldsay, yes, this is going to
contribute to the problem bigtime.
But as a young person,investing in property is one of
the easiest ways to get theseproblems sorted and help
yourself long-term.
If you just go in, you buy ahome and you're paying it off at
(12:27):
an 11 times multiplier of yourhousehold income, it's a problem
.
You need to do it as aninvestment property, otherwise
it's just going to be franticlater on in life.
On supply shortfall, which isone of the most important things
to talk about here ultimately,australia needs 1.2 million new
homes by 2029, but it's onlygoing to deliver about 825 000
(12:49):
and that's like currentprojections.
I think it'll actually be lessthan that, but we'll wait and
see.
That's a 375,000 shortfall ofhousing 375,000 houses short.
In 2024 to 2025, there's onlybeen 127,000 new dwellings
(13:11):
getting built or expected to becompleted, which is down from
about 150,000 in 2022, 2023.
I mean, even if we forward,project that from in one year,
you know 130,000, let's call it,and all these numbers I'm
saying are like rounded to thenearest 10,000.
So it's actually 127,500.
I call that 130,000.
(13:32):
Down from 148,500, I call that150, down from 148 500, I call
that 150 000.
So be it.
But for projecting 130 000houses built in one year,
multiply that by four, that's520 000 houses.
So if we need 1.2 million by2029, which is four years away,
(13:55):
and we're only projected to begetting $825,000 of the $1.2,
but going on, last year we did$127,500.
They're nearly expecting us todouble our output in the next
four years, which I don't thinkis going to happen, and so I
(14:16):
think it's going to be less likemore of a shortfall than
$375,000.
What does that do for thepopulation?
What does that do for homeless?
Is there actually enough housesfor people to live?
What are the prices going to belike in 2030?
How is the growth going tohappen?
How's the lending going tohappen?
Are interest rates going todrop?
Are we going to increaseserviceability?
What's going to happen?
I don't know, but yet housingstock per capita is shocking.
(14:37):
It's we're at 400 dwellings perthousand people.
That was back in 2015, comparedto germany being like 600.
Builders are having more troublethan they've ever had.
You know, there's laborshortages, so a chronic lack of
skilled workers, including townplanners, hence why councils are
having trouble, and that slowsconstruction.
You've got material costsincreasing timber and steel.
(14:59):
They're squeezing back on thelabour shortages.
An example of that, actually inWA right now, is bricklaying.
So bricklayers are getting paidabout $3.50 per brick at the
moment.
Well, they might not be makingthat money, but the company's
charging that per brick to goand lay it.
So I mean, if you're talking ahouse, they do double brick over
there.
Normally 30,000 bricks in ahouse give or take, you know
(15:22):
that's roughly 240 square meters.
Then there's 110 grand give ortake or 100 grand on bricks
alone.
There's just, yeah, that's alot of money.
There's red tape, so approvalsare just lengthy and complex and
because of the red tape,everything gets delayed and
(15:44):
delayed and delayed and it justcreates a backlog.
And then there's financialpressures as well.
So smaller builders are facinginsolvency due to the high costs
and the low margins.
Like if you are a small builderand you have 10 houses that
you're waiting on brickwork toget done and there's a shortage
of brick layers.
A big builder comes across, seesomeone working on your house
(16:06):
and goes hey, mate, what are yougetting per brick?
They tell them, yeah, we'll doan extra 10 cents.
Guess what?
That small builder can'tcompete with that.
Their houses aren't gettingfinished, they're.
They're running out of money.
So it is actually a franticworld out there.
Yep, first home buy grants,which obviously contributes to
supply demand and a bit ofgovernment dysfunction, where
(16:27):
you know they help people buythe first home.
And I get it like you need it,because there's some kind of
issue where young people arereally struggling to get into
their first home, especially atthe current price point.
It's pushed the train for firsthome buyers back many years.
Like you can't.
First home buyers arestruggling to get into a
(16:48):
property pre-30.
It's like marriages Firstmarriage now for a man is 32.8
years old Chaos.
But yeah, they boost demand andthere's no supply increase.
And so if you are helping peopleget into first home properties
and you're going to say, yep,you can do it with a reduced
deposit, we will increaseservicing, you won't pay lmi.
(17:09):
Then ultimately they can affordmore than what they can
actually afford, which thenincreases the chance of them
putting in a higher bid, whichthen increases the price of a
property.
So it's a never-ending circle.
And then you lower interestrates because you're like, oh
you know, we need to.
Well, then people get moreservicing, they increase what
they can afford and again we'reback.
(17:30):
It's as if the RBA should lookat increasing GST as opposed to
fiddling around with interestrates.
But we all know what happensthere fiddling around with
interest rates, but we all knowwhat happens there.
Then we move on to ourgovernment's policy on
immigration.
So sure, high immigrationsustains GDP growth.
As I said before, as a country,economically without
(17:51):
immigration, we're doing really,really poor and it masks the
recession that we are actuallyin.
We do have stagnantproductivity and poor planning,
but you can cover that up andthrow a blanket over it, sweep
it under the rug with a cheekybit of immigration, which I
personally think needs tocompletely stop, skilled workers
(18:11):
only.
We can't keep having highlevels of immigration because
our housing crisis is one of theworst in the world, if not the
worst, because our housingcrisis is one of the worst in
the world, if not the worst.
So let's just take an example.
So there's this guy called Jakeright, he's a nurse in Perth.
He's been saving for a decadeand guess what?
He still can't afford a deposit.
(18:32):
The government goes yep, wewill give you a grant.
He goes sweet, and he goes andbuys a property that he couldn't
afford originally, puts in ahigher bid, someone else puts in
a higher bid and the price ispushed up.
The block next door is nowworth more and people just keep
on doing it.
The system fails him, it failseveryone else and ultimately,
(18:52):
we're in a never-ending cycle ofhome prices increasing.
You're probably wondering howdoes that tie back to one of my
other favourite topics, which isbroken families and birth rates
?
We've got a declining birthrate.
We're all well aware of it.
Australia's total fertilityrate fell to 1.5 in 2023, which
is the lowest it's been in like17 years, which is now 19 years
(19:14):
because it's 2025.
And that's just not asustainable figure.
We need 2.1 as a repopulation.
1.5 is just way below that.
Hence, immigration stops ourpopulation from dropping, keeps
us out of a recessiontechnically, on paper and tricks
the whole world that I wouldsay part of the fertility rate,
(19:36):
or the birth rate, whatever youwant to call it is partly due to
housing costs.
Whatever you want to call it ispartly due to housing costs.
Like, if we're waiting until32.8 years old as a man now, or
31.8, sorry to get married, isthat also a financial issue?
I'll leave that for you tofigure out.
(19:58):
What we do know, though, isthat a 10% rise in house prices
actually correlates with a 1%drop in births among
non-homeowners.
So if you don't own a home,property prices go up 10%.
Chances are that you are thengoing to basically not choose to
(20:18):
have a kid Impact on familystructures.
Not choose to have a kid Impacton family structures.
You ultimately have to havedual income households to afford
a mortgage.
Now you can't actually have asingle person ultimately go out
and get a property, because thewage multiplication of affording
that property is just beyondcrazy.
And then that creates apressure for couples to get
(20:40):
together and to basically worktogether to create an
opportunity where they can buythe property, which then delays
the marriage a bit becausethey're working on stuff like
that.
But then, as we learned in thelast episode that if you move in
together before getting married, then chances are you fail that
relationship.
So it's just a chaotic circle.
(21:02):
Oh, yeah, I'm going to keepsaying it.
I'm circling back to circlesevery time, but yeah, it's a
circle of chaos.
Single parent households were22% in 2021, which were 80%
mother-led.
We know that they have lessfinancial capacity for then
buying a home, renting a home,doing whatever they can, which
then deepens the supposedinequality of their actual
(21:24):
outcomes.
So if you're a single parent,how are you going to afford to
be a parent and get a home atthe same time?
You're probably not.
And then it's going to createmore problems of struggling to
commit to all these things andlook after your children, and
that creates more of the problemwith fatherless homes.
Marriage is ultimately, as wediscussed, a luxury good now.
(21:45):
Economic stability is aprerequisite and homelessness
rates up at about 128,000 rightnow.
That's a lot of homeless people.
Summing up that part,ultimately, housing costs are so
high that Australia's birthrate is at a 17, 19-year low.
When a home costs more than 11times your income, starting a
(22:10):
family becomes a pipe dream.
The great Aussie dream now wentfrom home ownership to having a
family, and they're bothbecoming impossible.
Why are we one of the worstcountries in the world for
housing, or where do we rank?
So we rank in the top threeglobally for the worst house
price to income ratio in theworld.
In fact, sydney is actually thesecond worst in the world.
(22:31):
Rent growth is exorbitant andwe know that when the cost of
property becomes higher, theinvestor is going to put the
cost of rent up higher so theycan cover their own tail.
It's common sense.
But global comparisons right.
You've got australia 11.2 isthe multiple for their income,
(22:51):
their household income.
Poland 6.5, so about half.
Germany 5.7, again about halfJapan 4.9.
Uae 5.5.
Canada's up there with us.
They've got high immigrationsupply challenges, a lot of
investor activity.
They're pretty similar in thatsense.
(23:12):
Uk, which you would think wouldbe way higher, is actually only
9.
And US is between 5.5 and 3.2.
Some cities obviously have waymore, like LA would be
exorbitant, but the people thatlive there normally have massive
incomes as well, so it'sprobably not actually that bad.
(23:34):
But Poland the prices roseabout 15% in 2025, but there's a
lot of multi-generationalownership there which stabilizes
the affordability.
Germany ownership's prettystable.
We won't really touch on thattoo much.
Japan pretty stable, likethere's not a, there's not a lot
of issues there.
Dubai has rapid development sothey deliver housing very quick,
(23:58):
hence why that's pretty easy.
Canada we already touched on UKhigh demand, slow supply,
similar, but you've also got alot of people leaving the UK.
And US, as I said, varieswidely.
So in Tokyo you know homes arecosting five times the income
and they build enough to keep up, whereas in Sydney you know
(24:19):
it's nearly 14 times and we'remeant to be 375,000 homes short.
Why can't we do better?
We've got so much land.
Why can't we just go build?
And we've already touched onthat with things like the cost,
approvals, zoning, all of that.
So what can actually be done?
We as a nation or government orcouncil or whatever, we need to
(24:41):
fast track these land releases.
We need to streamline zoningand approvals and get a real
centralized model where we justbang it out.
We need to smash it.
These delayed stages, landreleases, just try and get them
done.
Hey, we just need to pump it.
That would take a lot of thepressure off and it'd bring
housing forward, but it'ddecrease the cost.
(25:03):
Well, it wouldn't decrease thecost, but it would delay the
increase in costs quitedrastically.
More housing, more supply, thenegative gearing of the CGT
there's calls for that to beultimately reversed or reformed
and then redirecting theincentives further to first-time
buyers or new constructionbuilds.
And then like redirecting theincentives further first home
(25:23):
buyers or new constructionbuilds and stuff like that.
I actually don't fully agreewith that because if you
redirect it anywhere, we'regoing to have the same problem,
like it's not going to be if weredirect it to first home buyers
and prices are going to getdriven up more.
If we do it for newconstruction, then material
costs are going to go up moreand we're already struggling
with that.
(25:43):
Can't really reform that toomuch.
It's not really going to havethat impact.
We need people renting at theend of the day, so Gowd, I don't
think that's going to be amajor thing that we can change.
Supply versus immigration thisis probably the biggest area for
improvement.
If we're having 660,000 peoplecome in a year, guess what?
(26:09):
660,000 people who need a homeIf we say for three years, hey,
no one's coming in.
Or skilled workers only comingin.
If we can even drop it, like ina three-year period or
four-year period, we're going tobe looking at about a million.
So what if we reduce that to100,000?
There's 900,000 less peoplethat need homes, with 900,000
(26:31):
less people needing homes.
That's, you know, maybe 450,000less homes required, and then
that shortfall of 375,000 by2029 is no longer a shortfall.
But the problem with that is wethen have a recession
ultimately, because we don'thave the gdp cover-up.
(26:52):
So we need to figure that outas well.
It's going to be a long-termplan we need to think about.
Okay, how do we increase our gdp?
What can we produce here thatother countries can't?
Do we increase our miningcapacity?
Do we increase our exports?
What can we actually do toincrease GDP if we delay
immigration?
We need to rework the grants.
(27:13):
I think the first homebuyergrant just inflate prices.
There's got to be some form ofsolution with that and we need
to figure that out.
We as a nation australiansspecifically this is people
within our country that do thiswell, but as a nation we do very
(27:34):
poorly with intergenerationalliving.
We don't really do it.
It's not.
It's not really a thing inaustralia.
You Most people move out oftheir home between 18 and 25 and
they'll go and rent somewhereor they'll go and live somewhere
, and it's sort of like yourparents are pushing you to do
that I was out of my home at 16,is what they say so they expect
(27:55):
you to do the same.
It's just not affordable and itjust inflates prices even more.
We should look atmulti-generational wealth or
multi-generational living andwork on that as a solution as
well.
In the meantime, ultimately, Ido think Australia can fix the
housing crisis.
I think it's a delayed problem.
I think that it's a problemthat's going to be around for a
little while, and I think yourfirst step is immigration.
(28:16):
Your second step is figuringout GDP.
Well, they're probablysimultaneous, to be honest, but
if you can do both of them, thenyou take off the strain and you
keep the economy alive.
So we need to do that.
I also think there's room forreform on GST.
Let's look at this from alogical perspective.
Right, if you increase interestrates, what happens?
(28:36):
Affordability goes down,spending goes down, the
investors pass that on to therenters.
The renters then have to paymore as well.
So you punish homeowners andrenters quite drastically,
whereas if you did it anotherway around, where you did it, on
increasing GST, what is GSTcharged on?
(28:58):
Pretty much any purchase youmake, any discretionary spending
and things like that.
Australia does have a spendingproblem.
We all know it.
So if you increase GST, then itsort of limits people from
spending money on things asidefrom housing.
I think that's a more viablesolution, because then there's
(29:18):
people going oh I need to buythis, but hang on, that costs
another 10%.
Now I'm not sure if I canafford that.
So when they want to go and dothese things they want to go buy
a beer, they want to go buycigarettes, they want to go do
this or that or the other theyhave to think about it twice.
Whereas with interest rates youbring them up, you bring them
(29:39):
down housing changes it getspassed on to other people, it
punishes a certain percentage ofthe population as opposed to
everyone.
So I don't think that's thegreatest way to do it.
Ultimately, I could talk aboutthis for a while.
I could actually happily sitdown and talk about this for the
next three hours, four hours,and we could get further and
further into different economicthings and we could talk about
(30:01):
all the different outcomes thatwe could have.
But that's enough for today.
I'm going to leave it with youthere.
Enjoy your day, dale.
As always, we hope you enjoyedthe episode and if you did, you
know exactly what needs to bedone Hit that follow button,
(30:22):
subscribe, share it to friends,family or even your co-workers,
as sharing this podcast helpsnot just us, but everyone in the
world to learn about worldfinances.
Thank you, darling.
Back in the day , growing up, ask any mother,
any father the Australian dream.
What was it?
Owning your own home, go toschool, go to uni, get a job,
buy a home, pay it off, she'llbe right, you'll retire all
sweet buddy, g'day, happy days.
The dream's now becoming out ofreach.
It's not just bad luck, it'sstructural, it's broken and it's
(00:22):
locking a generation out of thedream of home ownership.
That great Australian dream isnow exactly that a dream.
In this episode, I'm going tobreak down why buying property
has become impossible for mostand who's quietly winning from
the collapse.
(00:53):
Welcome back to another episodeof the Finance Bible Podcast.
You're joined with myself, Zeke, and your co-host, Oscar.
But before we get into it,please note that nothing in this
podcast should ever beconsidered as personal financial
advice.
But if that is what you areseeking, get in touch, let us
know and we will hook you upwith the correct professionals.
Sit back, relax and enjoy theshow.
Let's get into it.
(01:16):
Imagine a young couple inMelbourne, both working
full-time, saving every dollar,yet still priced out of a
one-bedroom unit.
This isn't just their story.
It's the reality for millionsof Australians.
Today we're unpackingAustralia's housing
affordability crisis why priceshave exploded, who's profiting
and how it's reshaping society,from family life to birth rates
(01:37):
and so on.
We're going to dissect thecauses of the housing crisis
within Australia, focusing ongovernment policy, immigration,
zoning, declining householdstructures.
Explore rapidly into how highimmigration is actually masking
our economic weakness andpropping up growth through
housing demand.
Compare Australia to othercountries like Poland, germany,
(01:58):
japan, uae, canada, uk, us, andpropose some bold structures to
restore affordability andfairness within our country.
We're going to trace the crisisfrom 1980 through to 2025,
expose who is driving up theprices, analyze all the failures
of supply and link this toeverything, such as falling
(02:20):
birth rates, broken families,divorce, fatherless homes, and
compare Australia to globalsuccess stories and offer real
solutions to fix this mess.
So what we need to do is weneed to kind of gather a
timeline right.
So back in 1980, the medianhouse price was about 3.3 times
the average household income,which back then, home ownership
(02:42):
extremely affordable.
It's only 3.3 times your, yourwage, your household income.
So you know, if you wereearning 50 grand, you could pick
up a house for about 160k.
How good is that?
Take me back to those days.
Hey, in 1990 pretty stable.
It only went up to 3.5.
You know, there was good supplyand demand, really really good
(03:03):
balance.
Immigration wasn't too chaotic,everything was kind of moving
how it should.
Everything was good.
In 2000, there was a bit of ajump.
It went from 3.5 to 5.2, whichwas mostly driven by the 1999
capital gains discount.
That was when they introducedthe capital gains tax discount
and people started to reallystart buying property because it
(03:24):
was more attractive.
Ultimately.
And then 2010, we're reallystarting to move.
Now the ratio hits 7.3 asinvestor demand and immigration
began to surge.
So we all know what was goingon between 2000 and 2010.
You had a lot of wars, you had9-11, al-qaeda a whole bunch of
different things going on andimmigration began to surge.
(03:47):
Investing began to surge and weended up at a 7.3 ratio.
So if your household income was100K, you were buying 730K
property 2025, fast forward tonow we are having a catastrophe.
So 11.2 is now the medianmultiple.
(04:11):
So if you own 100K in yourhousehold, you're buying
property for 1.1 million.
Yeah, that's just notaffordable, is it?
When you're going to get homeloans and stuff, it's normally
about a five to six timesmultiplier of your income, but
Sydney is nearly at 14 times themedian income.
(04:32):
It's among the worst in theworld.
We're in the top five for theworst.
I think soon enough we're goingto be the actual number one
worst, and we'll get into that abit more later.
In the regional markets, from2020 through to 2022, prices
rose 20%, which completelyeradicated affordability.
That was during the COVID boom.
(04:53):
We all witnessed andexperienced that here.
Some of us were lucky enough tomake a fair bit of money on
that.
And there's now a generationaldivide as well.
So homeownership for under 35shas fallen from 61% back in 1981
to 45% in 2021.
Homeownership under 35s isdrastically on the way down.
(05:14):
It's dwindling, and what wefound is actually a fair chunk
of them were inherited as wellthe ones post-1981.
So through to 2021, that 45% ofhomeowners under 35, a fair
chunk of them have inheritedthose homes.
And what else is going on therent?
Let's talk about rent.
It's a burden.
(05:35):
Urban renters spend about 30%to 40% of their income on
housing, compared to about 16%,19% in other countries in the
OECD.
So you know that's more thandouble.
Australians are spending morethan double the average of other
countries in the OECD.
We are really doing tough.
Housing is chaotic and it's nota good trend.
(05:58):
Let's say that much so.
Notable shifts, cgt negativegearing that did have an impact
in the late 90s, like 99.
And that ultimately changed theeconomic outlook of all
investment property.
From that point on, post 2000,house prices have grown 7.2%
(06:19):
annually, outpacing wage growth,which was 2%.
And, as we know, house pricesin australia, detached housing
from 2000 through 2025 hasactually outperformed asx 200.
2020 through 2022, interestrates covered, so on.
We saw 15 to 20 price spike onaverage, which was even made
(06:40):
worse from the first home by agrant in terms of deposit
schemes and stuff like that.
But you kind of have to havesomething like that because
under 35s aren't getting intoproperty anymore.
In 1980 a house cost threetimes your income.
Today it's 11.2 times or 13.8times in sydney.
Young australians are beinglocked out, entirely, completely
(07:03):
destroyed.
Housing affordability hasbecome a generational crisis,
turning the Australian dreaminto an inheritance lottery.
So who's actually driving upthe price and how is this
occurring?
And we'll get into supply andstuff, but there's a fair bit to
go through, so just bear withme here.
Immigration great place to start2023, 2024,.
(07:25):
Australia had just shy of670,000 migrant arrivals, with
net migration of just under halfa million 450,000,.
Give or take this outpacedhousing construction drastically
, so ultimately we have morepeople coming in than we have
houses getting built.
(07:46):
Common sense we know how supplyand demand works.
A 1% population increase fromimmigration raises house prices
by about 1% annually at 0.9%.
Our economy is not in a greatposition.
Australia's economy is terrible.
We are a shocking nation foreconomical reasons.
(08:08):
Our outlook is quite poor andimmigration and housing
ultimately mask our economicstagnation by boosting demand
and it hides all the poorgovernment planning we've had
for the last 20 years in sectorslike productivity, for example,
or energy and that kind ofthing not doing great
(08:32):
economically.
However, with the use ofimmigration and with the
boosting of house prices and thecontrol of interest rates, from
an outlook it doesn't look thatbad, but yes, it's quite poor.
It's terrible.
Foreign ownership on property inAustralia.
So foreign buyers purchasedabout 5,500 properties worth
about $4.9 billion in 2022through to 2023.
(08:55):
But that was only about 1% oftransactions, so it's not
actually a lot Like yeah, sure,it's $4.9 billion, but that's
not a lot of transactionsoverall when you take into
account the full amount ofproperties being purchased in
Australia and the total amountof property value that's getting
sold and bought per year.
(09:16):
There's now been a two-year banon foreign purchases of
existing homes that started inapril.
I'm sure we can restrictforeign ownership and I actually
completely agree with that.
That's a great way to do it.
But you know, if we remove thethat little pool, as we said,
it's a very small percentage ofthe people buying property in
Australia.
(09:36):
We remove that little pool.
Ultimately the people here arestill going to be paying the
same prices.
It's not really going to impactthe overall market value.
So then you've got in-countryinvestors and homebuyers.
Negative gearing and capitalgains tax discounts save
investors literally billions.
(09:57):
At the moment Our propertymarket for investors is really
strong, which then again, due tothe investors doing what
they're doing, it inflatesprices and homebuyers who are
only about first-time homebuyers, I should say, who are only
about 30% of lending are reallystruggling to get into the
market.
It's really difficult to do,and about 20% of households own
(10:19):
investment properties, with 1%of taxpayers actually holding
25% of the rental market.
So 1% of the populationactually own 25% of the rentals.
It's a big number.
Restrictive zoning and slow landreleases have been limiting
(10:39):
supply and high demand.
Areas like Sydney and Melbourneare underdeveloped.
We all know that.
But let's talk about the zoningand land releases.
So I've seen I obviously do alot of work in development and
land development and thenbuilding houses on it and so on,
and what you see is let's justuse Brisbane as an example.
(11:00):
Like the greater Brisbane region, there's land that we're
working on now and selling nowthat doesn't register or title
for another six or seven months.
You're getting, you're pickingup stuff like that for 400 grand
and they're not going to beready until next year and then
you've got to build on that,which is another eight months or
so.
So it's another year and a bitcall it a year and a half even
(11:25):
until that property is actuallyready to move into.
Then you move on to councilapprovals, project delays and so
on, increasing costs.
Let's use WA as an example here.
Lodging a building permit in WAright now.
Let's use the Manjaro regionfor a bit of fun 60 days we're
looking out for an approval fora building permit.
So you get the land, you settleon it, they lodge the building
(11:46):
approval and cool, 60 days laterwe have one, so that build's
delayed an extra two months,pricing might change, there's
delays, so on.
They've got to redo things.
It's chaos.
While the tax system is handinginvestors billions first, home
buyers, on the other hand, arethere begging for scraps with
their hands out.
(12:06):
It's a tough market.
Young people are losing unlessin a position where they can get
into the market, and I wouldsay, yes, this is going to
contribute to the problem bigtime.
But as a young person,investing in property is one of
the easiest ways to get theseproblems sorted and help
yourself long-term.
If you just go in, you buy ahome and you're paying it off at
(12:27):
an 11 times multiplier of yourhousehold income, it's a problem
.
You need to do it as aninvestment property, otherwise
it's just going to be franticlater on in life.
On supply shortfall, which isone of the most important things
to talk about here ultimately,australia needs 1.2 million new
homes by 2029, but it's onlygoing to deliver about 825 000
(12:49):
and that's like currentprojections.
I think it'll actually be lessthan that, but we'll wait and
see.
That's a 375,000 shortfall ofhousing 375,000 houses short.
In 2024 to 2025, there's onlybeen 127,000 new dwellings
(13:11):
getting built or expected to becompleted, which is down from
about 150,000 in 2022, 2023.
I mean, even if we forward,project that from in one year,
you know 130,000, let's call it,and all these numbers I'm
saying are like rounded to thenearest 10,000.
So it's actually 127,500.
I call that 130,000.
(13:32):
Down from 148,500, I call that150, down from 148 500, I call
that 150 000.
So be it.
But for projecting 130 000houses built in one year,
multiply that by four, that's520 000 houses.
So if we need 1.2 million by2029, which is four years away,
(13:55):
and we're only projected to begetting $825,000 of the $1.2,
but going on, last year we did$127,500.
They're nearly expecting us todouble our output in the next
four years, which I don't thinkis going to happen, and so I
(14:16):
think it's going to be less likemore of a shortfall than
$375,000.
What does that do for thepopulation?
What does that do for homeless?
Is there actually enough housesfor people to live?
What are the prices going to belike in 2030?
How is the growth going tohappen?
How's the lending going tohappen?
Are interest rates going todrop?
Are we going to increaseserviceability?
What's going to happen?
I don't know, but yet housingstock per capita is shocking.
(14:37):
It's we're at 400 dwellings perthousand people.
That was back in 2015, comparedto germany being like 600.
Builders are having more troublethan they've ever had.
You know, there's laborshortages, so a chronic lack of
skilled workers, including townplanners, hence why councils are
having trouble, and that slowsconstruction.
You've got material costsincreasing timber and steel.
(14:59):
They're squeezing back on thelabour shortages.
An example of that, actually inWA right now, is bricklaying.
So bricklayers are getting paidabout $3.50 per brick at the
moment.
Well, they might not be makingthat money, but the company's
charging that per brick to goand lay it.
So I mean, if you're talking ahouse, they do double brick over
there.
Normally 30,000 bricks in ahouse give or take, you know
(15:22):
that's roughly 240 square meters.
Then there's 110 grand give ortake or 100 grand on bricks
alone.
There's just, yeah, that's alot of money.
There's red tape, so approvalsare just lengthy and complex and
because of the red tape,everything gets delayed and
(15:44):
delayed and delayed and it justcreates a backlog.
And then there's financialpressures as well.
So smaller builders are facinginsolvency due to the high costs
and the low margins.
Like if you are a small builderand you have 10 houses that
you're waiting on brickwork toget done and there's a shortage
of brick layers.
A big builder comes across, seesomeone working on your house
(16:06):
and goes hey, mate, what are yougetting per brick?
They tell them, yeah, we'll doan extra 10 cents.
Guess what?
That small builder can'tcompete with that.
Their houses aren't gettingfinished, they're.
They're running out of money.
So it is actually a franticworld out there.
Yep, first home buy grants,which obviously contributes to
supply demand and a bit ofgovernment dysfunction, where
(16:27):
you know they help people buythe first home.
And I get it like you need it,because there's some kind of
issue where young people arereally struggling to get into
their first home, especially atthe current price point.
It's pushed the train for firsthome buyers back many years.
Like you can't.
First home buyers arestruggling to get into a
(16:48):
property pre-30.
It's like marriages Firstmarriage now for a man is 32.8
years old Chaos.
But yeah, they boost demand andthere's no supply increase.
And so if you are helping peopleget into first home properties
and you're going to say, yep,you can do it with a reduced
deposit, we will increaseservicing, you won't pay lmi.
(17:09):
Then ultimately they can affordmore than what they can
actually afford, which thenincreases the chance of them
putting in a higher bid, whichthen increases the price of a
property.
So it's a never-ending circle.
And then you lower interestrates because you're like, oh
you know, we need to.
Well, then people get moreservicing, they increase what
they can afford and again we'reback.
(17:30):
It's as if the RBA should lookat increasing GST as opposed to
fiddling around with interestrates.
But we all know what happensthere fiddling around with
interest rates, but we all knowwhat happens there.
Then we move on to ourgovernment's policy on
immigration.
So sure, high immigrationsustains GDP growth.
As I said before, as a country,economically without
(17:51):
immigration, we're doing really,really poor and it masks the
recession that we are actuallyin.
We do have stagnantproductivity and poor planning,
but you can cover that up andthrow a blanket over it, sweep
it under the rug with a cheekybit of immigration, which I
personally think needs tocompletely stop, skilled workers
(18:11):
only.
We can't keep having highlevels of immigration because
our housing crisis is one of theworst in the world, if not the
worst, because our housingcrisis is one of the worst in
the world, if not the worst.
So let's just take an example.
So there's this guy called Jakeright, he's a nurse in Perth.
He's been saving for a decadeand guess what?
He still can't afford a deposit.
(18:32):
The government goes yep, wewill give you a grant.
He goes sweet, and he goes andbuys a property that he couldn't
afford originally, puts in ahigher bid, someone else puts in
a higher bid and the price ispushed up.
The block next door is nowworth more and people just keep
on doing it.
The system fails him, it failseveryone else and ultimately,
(18:52):
we're in a never-ending cycle ofhome prices increasing.
You're probably wondering howdoes that tie back to one of my
other favourite topics, which isbroken families and birth rates
?
We've got a declining birthrate.
We're all well aware of it.
Australia's total fertilityrate fell to 1.5 in 2023, which
is the lowest it's been in like17 years, which is now 19 years
(19:14):
because it's 2025.
And that's just not asustainable figure.
We need 2.1 as a repopulation.
1.5 is just way below that.
Hence, immigration stops ourpopulation from dropping, keeps
us out of a recessiontechnically, on paper and tricks
the whole world that I wouldsay part of the fertility rate,
(19:36):
or the birth rate, whatever youwant to call it is partly due to
housing costs.
Whatever you want to call it ispartly due to housing costs.
Like, if we're waiting until32.8 years old as a man now, or
31.8, sorry to get married, isthat also a financial issue?
I'll leave that for you tofigure out.
(19:58):
What we do know, though, isthat a 10% rise in house prices
actually correlates with a 1%drop in births among
non-homeowners.
So if you don't own a home,property prices go up 10%.
Chances are that you are thengoing to basically not choose to
(20:18):
have a kid Impact on familystructures.
Not choose to have a kid Impacton family structures.
You ultimately have to havedual income households to afford
a mortgage.
Now you can't actually have asingle person ultimately go out
and get a property, because thewage multiplication of affording
that property is just beyondcrazy.
And then that creates apressure for couples to get
(20:40):
together and to basically worktogether to create an
opportunity where they can buythe property, which then delays
the marriage a bit becausethey're working on stuff like
that.
But then, as we learned in thelast episode that if you move in
together before getting married, then chances are you fail that
relationship.
So it's just a chaotic circle.
(21:02):
Oh, yeah, I'm going to keepsaying it.
I'm circling back to circlesevery time, but yeah, it's a
circle of chaos.
Single parent households were22% in 2021, which were 80%
mother-led.
We know that they have lessfinancial capacity for then
buying a home, renting a home,doing whatever they can, which
then deepens the supposedinequality of their actual
(21:24):
outcomes.
So if you're a single parent,how are you going to afford to
be a parent and get a home atthe same time?
You're probably not.
And then it's going to createmore problems of struggling to
commit to all these things andlook after your children, and
that creates more of the problemwith fatherless homes.
Marriage is ultimately, as wediscussed, a luxury good now.
(21:45):
Economic stability is aprerequisite and homelessness
rates up at about 128,000 rightnow.
That's a lot of homeless people.
Summing up that part,ultimately, housing costs are so
high that Australia's birthrate is at a 17, 19-year low.
When a home costs more than 11times your income, starting a
(22:10):
family becomes a pipe dream.
The great Aussie dream now wentfrom home ownership to having a
family, and they're bothbecoming impossible.
Why are we one of the worstcountries in the world for
housing, or where do we rank?
So we rank in the top threeglobally for the worst house
price to income ratio in theworld.
In fact, sydney is actually thesecond worst in the world.
(22:31):
Rent growth is exorbitant andwe know that when the cost of
property becomes higher, theinvestor is going to put the
cost of rent up higher so theycan cover their own tail.
It's common sense.
But global comparisons right.
You've got australia 11.2 isthe multiple for their income,
(22:51):
their household income.
Poland 6.5, so about half.
Germany 5.7, again about halfJapan 4.9.
Uae 5.5.
Canada's up there with us.
They've got high immigrationsupply challenges, a lot of
investor activity.
They're pretty similar in thatsense.
(23:12):
Uk, which you would think wouldbe way higher, is actually only
9.
And US is between 5.5 and 3.2.
Some cities obviously have waymore, like LA would be
exorbitant, but the people thatlive there normally have massive
incomes as well, so it'sprobably not actually that bad.
(23:34):
But Poland the prices roseabout 15% in 2025, but there's a
lot of multi-generationalownership there which stabilizes
the affordability.
Germany ownership's prettystable.
We won't really touch on thattoo much.
Japan pretty stable, likethere's not a, there's not a lot
of issues there.
Dubai has rapid development sothey deliver housing very quick,
(23:58):
hence why that's pretty easy.
Canada we already touched on UKhigh demand, slow supply,
similar, but you've also got alot of people leaving the UK.
And US, as I said, varieswidely.
So in Tokyo you know homes arecosting five times the income
and they build enough to keep up, whereas in Sydney you know
(24:19):
it's nearly 14 times and we'remeant to be 375,000 homes short.
Why can't we do better?
We've got so much land.
Why can't we just go build?
And we've already touched onthat with things like the cost,
approvals, zoning, all of that.
So what can actually be done?
We as a nation or government orcouncil or whatever, we need to
(24:41):
fast track these land releases.
We need to streamline zoningand approvals and get a real
centralized model where we justbang it out.
We need to smash it.
These delayed stages, landreleases, just try and get them
done.
Hey, we just need to pump it.
That would take a lot of thepressure off and it'd bring
housing forward, but it'ddecrease the cost.
(25:03):
Well, it wouldn't decrease thecost, but it would delay the
increase in costs quitedrastically.
More housing, more supply, thenegative gearing of the CGT
there's calls for that to beultimately reversed or reformed
and then redirecting theincentives further to first-time
buyers or new constructionbuilds.
And then like redirecting theincentives further first home
(25:23):
buyers or new constructionbuilds and stuff like that.
I actually don't fully agreewith that because if you
redirect it anywhere, we'regoing to have the same problem,
like it's not going to be if weredirect it to first home buyers
and prices are going to getdriven up more.
If we do it for newconstruction, then material
costs are going to go up moreand we're already struggling
with that.
(25:43):
Can't really reform that toomuch.
It's not really going to havethat impact.
We need people renting at theend of the day, so Gowd, I don't
think that's going to be amajor thing that we can change.
Supply versus immigration thisis probably the biggest area for
improvement.
If we're having 660,000 peoplecome in a year, guess what?
(26:09):
660,000 people who need a homeIf we say for three years, hey,
no one's coming in.
Or skilled workers only comingin.
If we can even drop it, like ina three-year period or
four-year period, we're going tobe looking at about a million.
So what if we reduce that to100,000?
There's 900,000 less peoplethat need homes, with 900,000
(26:31):
less people needing homes.
That's, you know, maybe 450,000less homes required, and then
that shortfall of 375,000 by2029 is no longer a shortfall.
But the problem with that is wethen have a recession
ultimately, because we don'thave the gdp cover-up.
(26:52):
So we need to figure that outas well.
It's going to be a long-termplan we need to think about.
Okay, how do we increase our gdp?
What can we produce here thatother countries can't?
Do we increase our miningcapacity?
Do we increase our exports?
What can we actually do toincrease GDP if we delay
immigration?
We need to rework the grants.
(27:13):
I think the first homebuyergrant just inflate prices.
There's got to be some form ofsolution with that and we need
to figure that out.
We as a nation australiansspecifically this is people
within our country that do thiswell, but as a nation we do very
(27:34):
poorly with intergenerationalliving.
We don't really do it.
It's not.
It's not really a thing inaustralia.
You Most people move out oftheir home between 18 and 25 and
they'll go and rent somewhereor they'll go and live somewhere
, and it's sort of like yourparents are pushing you to do
that I was out of my home at 16,is what they say so they expect
(27:55):
you to do the same.
It's just not affordable and itjust inflates prices even more.
We should look atmulti-generational wealth or
multi-generational living andwork on that as a solution as
well.
In the meantime, ultimately, Ido think Australia can fix the
housing crisis.
I think it's a delayed problem.
I think that it's a problemthat's going to be around for a
little while, and I think yourfirst step is immigration.
(28:16):
Your second step is figuringout GDP.
Well, they're probablysimultaneous, to be honest, but
if you can do both of them, thenyou take off the strain and you
keep the economy alive.
So we need to do that.
I also think there's room forreform on GST.
Let's look at this from alogical perspective.
Right, if you increase interestrates, what happens?
(28:36):
Affordability goes down,spending goes down, the
investors pass that on to therenters.
The renters then have to paymore as well.
So you punish homeowners andrenters quite drastically,
whereas if you did it anotherway around, where you did it, on
increasing GST, what is GSTcharged on?
(28:58):
Pretty much any purchase youmake, any discretionary spending
and things like that.
Australia does have a spendingproblem.
We all know it.
So if you increase GST, then itsort of limits people from
spending money on things asidefrom housing.
I think that's a more viablesolution, because then there's
(29:18):
people going oh I need to buythis, but hang on, that costs
another 10%.
Now I'm not sure if I canafford that.
So when they want to go and dothese things they want to go buy
a beer, they want to go buycigarettes, they want to go do
this or that or the other theyhave to think about it twice.
Whereas with interest rates youbring them up, you bring them
(29:39):
down housing changes it getspassed on to other people, it
punishes a certain percentage ofthe population as opposed to
everyone.
So I don't think that's thegreatest way to do it.
Ultimately, I could talk aboutthis for a while.
I could actually happily sitdown and talk about this for the
next three hours, four hours,and we could get further and
further into different economicthings and we could talk about
(30:01):
all the different outcomes thatwe could have.
But that's enough for today.
I'm going to leave it with youthere.
Enjoy your day, dale.
As always, we hope you enjoyedthe episode and if you did, you
know exactly what needs to bedone Hit that follow button,
(30:22):
subscribe, share it to friends,family or even your co-workers,
as sharing this podcast helpsnot just us, but everyone in the
world to learn about worldfinances.
Thank you, darling.
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