The Australian media is screaming about the sky falling but, once again, the facts don't really back that up.
Five minutes ago, Nine and News Corp were bemoaning the unaffordability of housing for young people. Now? Not so much...
In terms of household wealth, we only have the sharemarket going for us at the moment. Wages and property are undermining the "wealth effect".
A key constraint on further interest rate cuts has vanished as property prices soften in Sydney and Melbourne.
The question isn't if we can do it. The question is whether we can do it fast enough.
It's not brunch. It's not coffee. It's neither old people nor asylum seekers who have landed us in this rot.
The government faces a growing problem around the booming property markets of Sydney and Melbourne while the Reserve Bank can see danger to the wider economy, Glenn Dyer and Bernard Keane write.
If business wants to complain about the high cost of operating in Australia, it should demonstrate some courage and call out the culprits -- other businesses and the politicians that pander to them, Bernard Keane and Glenn Dyer write.
The waves washing over the Australian economy won't wipe us out in themselves. But the convergence of them this year could flood attempts to refloat the economy.