Edited 11 Sep 2017 23:47, 4 years ago, edited by MILW

Billionaire property developer Harry Triguboff says the downturn in Australia's apartment market will have a "big impact on the economy", and has called for government intervention to help stem price falls.

Triguboff, owner of the Meriton apartment empire with 8000 units in Australia's major cities, says prices are down 10% over the past six months and sales have dropped, according to a report in The Australian.

“The big question is whether the government will allow prices and volumes to go down before they start helping,” Triguboff said, adding, "Australians could lose an enormous amount of wealth."
http://www.msn.com/en-au/news/australia/billionaire-developer-harry-triguboff-warns-apartment-downturn-could-destroy-an-enormous-amount-of-wealth/ar-AArEZy5?ocid=ientphttp://

Well, well, well, a rich property developer wants the government - meaning taxpayers - to stop house prices from falling.

A nice piece of self-interested rhetoric there. Australians could lose an enormous amount of wealth? Well, yes, they are going to lose some or all of their deposits and more, but since much of that so-called wealth is also comprised largely of unrealized capital gains, in part it's wealth they never had to begin with.

A nice piece of self-interested rhetoric from a property developer. I think there's something deeply shameful about rich people holding out their hands to the big daddy welfare state when it suits them, then effectively shaming poor people for doing the same and claiming that they got rich by their own merits.

Sorry, Harry, but it's not our job to bail out your failed ponzi scheme. Sadly for us, we're probably going to do it anyway.