Expert: Chris Joye - Mortgage holders are in for the mother of all shocks
We're joined by returning guest - Coolabah Capital portfolio manager - Chris Joye. According to recent analysis by the Australian Bureau of Statistics - at a cash rate of 3.6% - 15% of all Australian borrowers are at risk of default. So, with the RBA continuing to raise interest rates, there are concerns that the country's housing market could face a significant upset in the near future. Chris warns that when one in four Aussie home loans in 2023 switch from their 2% fixed rates to 6% variable rates, it could be the "mother of all shocks" for household balance sheets.
But it's not just the housing market that Chris is worried about. He also believes that equities have been a bit of a Ponzi scheme for a long time, and that the world is not growing, but contracting. He warns that there's going to be no freaking growth for the next few years, and this could spell disaster for everything...
So, a lot to think about in our conversation with Chris today! Check out Chris' previous appearance here.
Zombie companies are starting to collapse
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