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Back in the mid to late 2000s, the entire nation focused on the devastating housing collapse. At that time, the culmination of human greed and fiscal instability shattered millions of dreams. Thankfully, we’ve come a long way since those dark times. Unfortunately, the Australian economic crisis reminds us that disaster is never too far away.

Turn on international news and you’ll eventually hear harrowing stories from Down Under of hard-working families losing their life savings. The culprit? A familiar tale of housing prices gone amok. Prior to the bubble collapsing, property prices soared to unbelievable heights. Just when you thought prices couldn’t go any higher, a new plateau proved everyone wrong.

It was at that moment when emotions took over. The Australian economic crisis touches close to our psyche because their people are just like us: human. Driven by the “fear of missing out,” both families and single first-time homebuyers rushed to the auctioneers. Securing the “Aussie dream” at a higher-than-anticipated cost was far better than losing out altogether.

Sadly, these very same folks only needed a few years, if not months, to realize their mistake: instead of “FOMO”-ing, they should have just “MO”-ed.

At current valuations, homebuyers turned sellers are lucky to dump their properties for a 25% to 30% haircut. According to many experts, housing prices could fall by as much as 50%, setting off an unfathomable implosion.

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Australian Economic Crisis Hits Too Close To Home

Underlining the coming Australian economic crisis are familiar catalysts: lending institutions gone crazy, borrowers leveraging themselves to the hilt, and a broader boon tied to the demand uptick.

But now, millions of Australians are waking up to the reality that they can no longer afford their lifestyle. At a certain point, most citizens in that nation will suffer the consequences. Because the economy is tied directly to real-estate valuations, an implosion here risks sparking a domino effect.

So if you’re thinking you’re safe at your job, think again. When the pink slips start flying, few survivors remain. This again is a narrative with which most working Americans can empathize.

But another issue hits closer to home: irresponsible, unmitigated immigration.

As in western Europe, Australia began opening its doors to hoards of Third World migrants. Lacking skills, proper etiquette, and often language fluency, these “refugees” burdened the country’s social services.

However, mortgage lenders and other financial institutions sensed an opportunity. By reducing the standards for acceptability (ie. Affirmative Action), these entities offered migrants extra-leverage that “native” Australians couldn’t receive. The end result? A mass concentration of humanity in urban areas, which eventually spiked housing prices.

Australia’s Grattan Institute suggested that if the government cannot agree on a solution, than they should rollback immigration. They’re right. Unfettered immigration is only making refugees out of native-born populace. At some point, we’ve got to return to political sanity.

BY JOSHUA ENOMOTO

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