Now that it has, finally, made the mainstream media, the collapse of the Australian economy is close. It has been on a slow-motion meander for a few years, but we are now close to the edge.
The problem is, was and will be seen to be, the debt. 2020 will be the year that many will walk away from their houses. 65% of banks loans are household mortgages. When the debts cannot be serviced, banks will fail.
The government cannot, and thus will not, soften the blow.
People with money deposited in banks will forfeit those deposits in the effort to keep banks solvent. That is legally permissible, though it will come as a terrible shock to most depositors