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Ep 209i – Aussie Housing Market is a ‘Ponzi Scheme’ says Top CEO

Ep209i The Other Side interviews MATT BARRIE – CEO,

Mat Barrie, CEO and founder of, an online freelancing and crowdsourcing marketplace holds a master’s degree in electrical engineering from Stanford University in the US. In 2011, he was named the inaugural BRW Entrepreneur of the Year and in 2014, Smart Company magazine named him the most influential person in technology in Australia.

A couple of weeks ago Matt gave a speech at the SYDNEY 2050 SUMMIT entitled THE GREAT AUSTRALIAN SCREAM in which he warned of the dire straits the Australian economy is in and the very rocky road ahead.

This Ep 209i first aired on ADH TV on 13 June 2023. The Other Side Interviews is a weekly long-form interview show on important news topics. It streams every Tuesday night at 6pm on Australia’s ADH TV at It complements the weekly main show The Other Side Australia with Damian Coory which is a news and commentary summary show that streams on Friday nights at 8pm.

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  1. I admire what the Australians have done with their continent. It is a land gifted with natural resources, built by an energetic (and good-looking!) people who understand human liberty, its promises and responsibilities. Australia is an important piece of the Western mosaic so I want it to succeed. But Australians, like the Yanks and Brits have made poor choices these past decades. Industrialized, complex, modern nations must advance up the value-added chain, ie they must efficiently produce goods that others cannot, be it manufactured items, or software, services, fabrics, etc. This is the only way they can compete with people who, due to their circumstances, are willing to work for much lower wages. And there is nothing wrong with digging coal and iron. It is profitable, and after all, these are strategic resources! But countries rich in natural resources must be alert to the danger of relying solely on these resources as a milch cow. Buying and selling houses is not a value-adding proposition. In a country where there is abundant land, and a free market, a home's price should be relatively stable, vis a vis other goods and services. And don't look for the government to solve these problems. To the contrary, government does best when it does least and allows the doers in society to achieve and realize the fruits of their labors. Society benefits as well. Best wishes from America.

  2. We didn’t let manufacturing waste away – it was all part of the plan. There is a much larger program, which is global in scale, operating. Australia just plays it’s part because we are lambs to the slaughter without the critical thinking capacity to see how holistic the plan is!

  3. Great discussion – frightening but very realistic. Didn’t quite understand why the interviewer went so hard at the current Labor Govt re being socialist. In reality the position we are in with unaffordable housing & lack of economic complexity can just as easily be laid at the feet of mismanagement of the federal LNP who governed for 20 of the last 27 years. The LNP have bragged for decades about our houses always being worth more under them than Labor. They have consistently been reactive, short term thinking Govts. Howard stopped the joint funding of social housing between the feds and states & introduced the CGT discounts to encourage housing as an investment commodity over a place to live. Our current inflation has been largely caused by extraordinary LNP debt creation, asset price inflation and corporate profit gouging ( as Matthias Cormann’s OECD confirmed a week ago).

  4. The infrastructure here in Australia is a joke. Just get 30 minutes out of the big cities to enter a third world environment. If we closed our borders we could feed and cloth ourselves 100 times over, there would be no unemployment and we could all have a fantastic house on the beach with room to spare. Australia has been bent over and taken advantage of by our never ending useless governments. We could all be living like kings, yet we put up with living like jokers.

  5. Artificial Intelligence is designed to remove payroll completely. Instead of paying a person $125,000 a year to work in Information Technology, that would instantly go to $0. The growth of Artificial Intelligence is in correlation to the reduction of business generated income. Income source is massively limited and cost cutting is part of this. Working from Home is the test to see how well the position or work can be done remotely. This in turn will mean the job can be done in Indian or Bangladeshi apartment.

  6. Whilst i may disagree with some minor points in this discussion. Politicians have much to answer for! Positions vacant adds for bus drivers to deliver Solicitors, Barristers and even judges off a cliff may rein supreme in a diminishing job market where "Presidents" in legal cases are duplicated over and over ag a in, whilst charging new client's as their original by the paragraph! If a company wants to export minerals? Surely, within 10 years, they process themselves 50% at least here in Australia? On a progressive scale of years of development and construction not availed by sale! Immigrants here due to their skills, eg Engineer? Should not be driving a Taxi, OR more than likely they have a scam degree, deserve jail etc, then deportation, never to return! Not this 3, 5, 8 or 10 year b/s! Senators, representatives , mayors, councillors and Police once caught lying as so many have in the last few years, deserve instant chance of monetary reform and an acceptance of their resignation without massive superannuation or termination of their contract of employment including repayment if they have resigned before investigation. Then we look at the total insanity and waste of money for a vote about the voice? Wadeye, Northern Territory, there is 12 different tribes who all speak the same language! Yet they fight amongst themselves, M$10+ burning down houses and creating havoc! The only student who graduated from highschool in 10 years speared another with an iron bar!!! If the Aboriginal people can't control themselves and elders stand up and ritually prosecute and control their own, they have no voice in any government!

  7. Great analysis. I have enough money to buy into property market now and feel like I should but I can see it's a goddamn Ponzi scheme. I doubt it'll crash though – the gov will burn this country to the ground before they risk a loss in their portfolio.

  8. You don't have to be a billionaire, gold medal business man to see this has been happening for years. The Australian government is fuelling this fire by expanding immigration directly from Asia. Australia need to stop selling ready made natural resource to feather beds of billionaires instead of taxing them and putting the money into industries that can manufacture and export with an actual profit to the country. People flooding in from all over Asia to, as Mat said 'drive Ubers'.

    Everyday Aussies think they are above it all because the value of their houses have doubled or tripled in no time flat, when in reality they are lambs being led to the slaughter, the second the banks get into a risky position they are going to go for the jugular and these everyday Aussies will be stuck paying loans on homes that aren't even worth the value of the mortgage. All the new immigrants will return back to the countries they came from with a bundle of Aussie dollars and live it up paying $2 dollars a day for living expenses.

    Wake up Australia!

  9. Best interview ive seen. This bloke knows whats what.

    Price of milk used to be a dollar a leter , how much is it now?

    Chicken was known as a cheaper meat, how much is it now?

    Price of bread at coles brand famously "90c" a loaf, how much is it now?

    It used to be one person works and itll support the wife and kids. Now both parents work full time , kids spend all day in care e.g. school or childcare.and barely afford to keep the roofs of their head.

    Goodluck Australia it was good knowing you!

  10. House prices are going up for these two reasons ONLY:
    1. Masses of black money from China is pouring into domestic housing stock (same in Canada, USA, Britain, Spain etc).
    2. Masses of immigrants are arriving EVERY year. For the first year of bubble-head Anthony's reign there will be 550,000 immigrants and they have NO houses to come to. So they will BUY everything in sight.
    Australians were complaining when 80,000 people annually were arriving. Howard pushed the number from 80k, to 160k in his second year, to 350k in his third and subsequent years. Bubble-head plans to bring 700,000 here annually.
    Young Australians are priced out of the housing market, well tough luck, you voted Libs and Labor, this is what you get, no house for you.

  11. Australia was sold out. 43 hospitals sold to cayman Island and the free market ie privatisation stuffed the country up. Dr jim chalmers us right the planning a design plan probably from world bank. The swiss gnomes of Zurich must be at work as just after WW11.I BELIEVE MY ANSWER TO BE TRUE

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