A slump in consumer spending is a more immediate threat to the Australian economy than a property crash, experts say.
An ABC Four Corners report on Monday night detailed widespread fears of a property crash, noting that “for every $1 earned, on average, Australians have nearly $2 of debt”.
Household debt hit a record high of 190 per cent of yearly disposable income in the March quarter, according to the Reserve Bank.
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Many reports focus on price crashes, but maybe we should fear spending cuts. Photos: AAP / Getty