Whereas household leverage has declined in the US and Europe in response to relatively tight monetary policy, the lax approach of Australia’s central bank has fuelled a record increase in household debt.
Well, life is, unsurprisingly, starting to get interesting again after a brief period of relative calm.
First, there is the spectre of a prolonged conflict between Iran and Israel. The risk is that this escalates into a forever war (if it was not one already), sucking in allied democracies and autocracies, while simultaneously disrupting supply chains in a manner that forces oil prices much higher.
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Christopher Joye is a portfolio manager with Coolabah Capital, which invests in securities, including those discussed in his column. Connect with Christopher on Twitter.
