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Free money one year on: a property boom and surging shares
A surging sharemarket and a property boom that threatens to widen inequality mark one year since Australia cut interest rates to nearly zero.
A year ago, Australia set foot on new terrain, dropping interest rates to near zero as it played its part in a worldwide central bank strike to stabilise the global economy.
The move was a first for Australia. At the height of the global financial crisis more than a decade ago, Australia skirted through the 2008 mayhem largely because of its powerful links with a booming China as other countries slashed rates to fresh lows.
But not this time. The COVID-19 pandemic set the Reserve Bank of Australia on a path to a cash rate of …
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