GetUp campaign suggestion: First Home Property Buyers Strike

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The cam­paign group Get­Up has a “sug­ges­tion box” in which new cam­paign ideas can be sug­gest­ed, debat­ed, and if they receive suf­fi­cient votes, adopt­ed.

Pros­per Aus­tralia recent­ly sug­gest­ed a First Home Prop­er­ty Buy­ers Strike (click here for the Pros­per Aus­tralia press release), and after a week or so it is the 9th ranked cam­paign idea with 1700 votes.

I just logged on and vot­ed for it, with the fol­low­ing com­ment:

This is an excel­lent idea which I endorse. It would be a fool­ish per­son­al deci­sion to take out the size of loan now required to enter the mar­ket, and it would be superb to turn this per­son­al dilem­ma into a polit­i­cal cam­paign. Though the banks have the most respon­si­bil­i­ty for dri­ving up house prices by let­ting their LVRs rise from the respon­si­ble 70% lev­els of the 1960s-1970s to the utter­ly irre­spon­si­ble 97% lev­els of today, the house price bub­ble has also been inflat­ed by the so-called “First Home Own­ers Grant” scheme. This scheme, which I pre­fer to call the First Home Ven­dors Grant, has been used as a cheap macro­eco­nom­ic boost by the gov­ern­ment on five occa­sions now–1983, 1989, 2000, 2001 and 2008–and each time all it has done is push up house prices.

There are good odds that house prices will start to fall this year–with macro­eco­nom­ic impacts flow­ing from that–and there may well be lob­by­ing to bring back the FHVB for a sixth time. This cam­paign might well make that an impos­si­bil­i­ty, which would be a very good thing.

I urge Debt­watch read­ers who are Aus­tralian res­i­dents to log on to Get­Up (it’s free to join) and vote for this pro­pos­al.

This link will take you straight to the dis­cus­sion page for the pro­pos­al, where you can com­ment first and join up lat­er (which I did).

Alter­nate­ly, you can join Get­Up first and vote for the pro­pos­al lat­er. This is prob­a­bly a bet­ter way if you don’t want to make a com­ment as such on their blog.

Each mem­ber gets 10 votes, of which up to 3 can be giv­en to any one cam­paign idea (the votes are returned to you after a cam­paign idea is either adopt­ed or dropped). The more votes a pro­pos­al gets, the more like­ly it is to be adopt­ed.

As they used to say in Chica­go, vote ear­ly and vote often.

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About Steve Keen

I am Professor of Economics and Head of Economics, History and Politics at Kingston University London, and a long time critic of conventional economic thought. As well as attacking mainstream thought in Debunking Economics, I am also developing an alternative dynamic approach to economic modelling. The key issue I am tackling here is the prospect for a debt-deflation on the back of the enormous private debts accumulated globally, and our very low rate of inflation.