Ann: Half Yearly Report and Accounts, page-64

concur - Oz is "behind" USA .......

why have house prices gorne up so much, when wages growth has essentially been flat for 10yrs ?

is the ozzie "consumer" highly indebted ?

to buy stuff - you need either access to credit or cash .....

imho - aussie consumers have been taking equity out of their dog-boxes to fund a lifestyle .......

https://www.linkedin.com/pulse/big-picture-ray-dalio

its worthwhile going throu some of Dalio's articles - his papers on deleveraging should be required reading for economic students (imho). one then has to think abt "which" mechanism the usa is currently choosing to deleverage its balance sheet. imho - this is why long bonds (in USA, but global implications) have been being sold off since aug-sept 2016 ........to me - only stocks that have high earnings "growth" will do ok - in this type of rising int rate environment.

yes - I concur - our cent bank could actually cut at the short end, but the long-end will be priced relative to US paper......

imho - access to credit is already being tightened (in Oz)........

will be interesting to see what happens

rgds
V_H