How Australia’s property obsession is damaging the entire economy

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Tracking the ups and downs of property prices in this country is a national sport. Our TV bulletins are increasingly filled with images of renters struggling to find even a dodgy one-room bedsit to call home.

Once a month, the country holds its breath to see if the Reserve Bank is going to whack everyone with another interest rate increase.

But what if the housing market was even more of a problem? What if the entire economy was being eaten by a property monster?

Well, there’s growing evidence that everything – from the ability of a business to get workers, to the number of kids we are having – is being distorted by a property monster that’s getting larger and hungrier.

Senior economics correspondent Shane Wright explains the ‘housing theory of everything’ in this video, illustrated by John Shakespeare.

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