AUSTRALIA is headed for an "economic Armageddon", with record household debt, record foreign debt and a massive housing bubble creating a perfect storm that could "wipe out" millions of families if there is a global shock.
That is the apocalyptic warning of a former government economic advisor, who says the government needs to cut tax incentives such as negative gearing and welfare handouts and the RBA needs to increase interest rates in order to avoid a "devastating depression".
Corporate governance specialist John Adams, who was an economics and policy advisor to Senator Arthur Sinodinos and management consultant to a big four accounting firm, believes he has found seven disturbing signs that the global economy is primed for a major fall.
https://www.gympietimes.com.au/news/seven-signs-australia-facing-armageddon-economy/3145153/
