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Overseas Property News
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Financial bloodbath imminent in Australia
Country: Australia
13 October 2008
Australia’s property market will suffer over the next few years as the country falls into recession, according to Bill Moss, chairman of insolvency firm PPB and former head of property and banking for Macquarie Group.
Moss, who was highly influential in building Macquarie's property and investment banking empire and helped steer the group through the 1987 stock market crash and recession of the early 1990s, told The Australian yesterday: "There is going to be blood on the streets. There's no doubt at all.
"There will be a lot of companies tipping over and there will be a lot of individuals who tip over, too."
Moss believes that Australia is now on the edge of a violent storm - a "recession" that could last for at least three years.
“To say that we're immune from the global financial system I think is very naive,” he said. “At the top end and at the bottom end, we are going to see consumer credit suffer and we're going to see people go bankrupt (and) people lose their homes.”
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