Sydney’s biggest builder is warning that Australia is heading for a recession without urgent government action. Meriton founder and billionaire Harry Triguboff claims interest rate rises won’t fix inflation, and says the only way out of the housing crisis is up.
Australia Heading for Recession? Meriton Founder Harry Triguboff Sounds the Alarm
Billionaire property developer and Meriton founder Harry Triguboff has warned that Australia is headed for a recession without urgent government action. With a fortune estimated at $10.7 billion, Triguboff is one of the wealthiest people in Australia and his expertise in the industry has earned him respect from many.
Triguboff believes that central banks are “playing with fire” as they attempt to stimulate the economy, and he fears that this could lead to an economic downturn. The current economic landscape in Australia is already shaky, with rising housing prices in key cities such as Sydney and Melbourne, as well as increasing unemployment rates.
In an interview with 7NEWS, Triguboff said: “We have to do something about it now or else we will be in a recession. We can’t wait any longer.” He also noted that the Australian government needs to take steps to reduce unemployment and increase consumer spending if it wants to avoid a recession.
Triguboff’s warning was echoed by other experts who agree that without government intervention, Australia could be heading for a recession. Bloomberg reported that “without urgent government action, [Australia] could be headed for an economic downturn.”
The Australian Financial Review suggested potential solutions such as tax cuts or increased infrastructure spending which could help stimulate the economy and prevent a recession. However, some economists believe that these measures may not be enough to avert an economic crisis if other factors such as rising housing prices remain unchanged.
It remains to be seen whether the Australian government will take action before it’s too late or if Triguboff’s warning will come true. In either case, it’s clear that something needs to be done soon if Australia wants to avoid a recession.
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