Remember 1992 the  CBA ads “Which Bank?” It was advertising regarded as unneeded irresponsible marketing of DEBT and it was told to stop. Unrequired debt became the standard product for sale to Australia’s lowest 20% and middle 40% and sold for discretionary spending and the money spent flowed into the coffers of the top 20%. The debt accumulated by ordinary Australians was encouraged by the last decade of LNP policies but it was for necessities for an increasing number of families in precarious employment while at the top a minority were organized to invest in hoovering it up. Payday lenders grew like topsy and were even advertising on TV ready to lend to those that banks no longer would with bank money.

The LNP  almost looked socialist throwing money at QANTAS and Harvey Norman and cutting the taxes of those earning $180,000 plus while refusing to help those that really needed it. Unlike the ALP during the GFC there was no money put directly into the accounts of the suffering poor they could borrow and pay the Shylock price.

This isn’t a new cycle it’s one we’ve seen time and time again and Australia leads the world living life in debt and we create every opportunity for bottom feeders to create more. Who the fuck is putting all that coke up their nose it ain’t the bottom half of the nation at $300 a gram it’s the debtless and those that debt don’t even touch the sides. There is a system in place that encourages the debt cycle to flourish and increase again and again..

ANZ deputy chief economist Diana Mousina said pandemic savings were now being drawn down, and at the current pace those savings will be depleted by September

Source: National accounts: Households using up savings as interest bills skyrocket