NOTHING NEW UNDER THE SUN (ALMOST)

10th March, 1959 : As people rush with ever-increasing fervour to furnish living rooms, kitchens and bedrooms on the ‘never-never’, the hire purchase system came under attack today in the House of Representatives. Hire purchase advances have risen at six time the rate of bank advances in the last five years. Opposition leader Dr Evatt warned of the “trend to financial anarchy” that allows the new firms to charge interest rates of eight to ten percent. “Surely,” Dr Evatt appealed, “this is establishing a distorted and almost mad economy.”

[ So far so good in our lucky country-

ubs-household-debt

About Avadoro Worden

Iconoclast
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