Wednesday, October 26, 2016

Is the Australia I once knew gone for good?


When I first started writing about the Australian property bubble in 2003 I knew it was big. But even I didn’t think it would reach its current absurd proportions. The bubble has now engulfed not just our economy but our politics, our media, our social structure and entire strategic outlook. Not one of these is defensible in terms of the national interest but together they converge on Australian disintegration:
  • The economy is now a hollowed out wasteland of finance, speculation and consumption. Other than dirt, we do nothing else.
  • Politics is now warped completely around the bubble with elections won and lost on house prices alone. Policy is forgotten.
  • The duopoly of Australian media is focused entirely on maximising for sale listings for Domain and It has become a bald-faced real estate propaganda machine.
  • Multi-culturalism is being increasingly strained as immigration is sustained at economically destructive levels purely to support house prices.
  • ANZUS is now fundamentally undermined by the “citizenship exports” sector that drives house prices and construction and brings with it a “hard-edged” Chinese soft power push.
The Australia that I grew up in was based upon the principle of the “fair go” balanced against a vibrant and mixed competitive market economy, of policy made in the national interest, of successful multi-culturalism within a liberal Anglosheric context, and of unshakable faith in the US as our strategic partner in the world.  Now, thanks to the bubble:
  • The “fair go” is dead.
  • The US alliance is dying.
  • Multi-culturalism is under assault.
  • Liberalism and the market economy have been subsumed by specufesting.