The Northern Territory has an election campaign on. And housing affordability is a key issue. Even so, my ears pricked at this comment on ABC radio this morning (emphasis mine):
The incumbent Labor Government has just launched a new scheme that includes no-deposit home loans and a boosted shared equity home loan.
Hmm. That sounds familiar. Weren’t they called ‘low doc’ loans before 2008? Or perhaps Ninja loans (no income, no job, no assets)? I guess that the Labor Government in the NT believes that the mining boom will go on forever and that house prices will never fall in Darwin. Maybe they should talk to Martin Ferguson. Or maybe the sort of political policies that led to the GFC re simply alive and well in Darwin.