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The New Daily
The New Daily
Alan Kohler

Alan Kohler: Australia is an over-borrowed building society

United States Australia Alan Kohler NAIRU
Australia's high household debt makes the RBA even more hesitant to pull the rate cut trigger, writes Alan Kohler. Photo: TND/Getty

Permanent building societies were heavily geared financial outfits, owned by members, that specialised in residential real estate.

They were all the rage in the 1980s, until suddenly they weren’t, when interest rates went up.

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