The next stage of attacking middle-class wealth is gearing up. You will be able to own something, but the financial powers won’t insure it, or finance people to buy it.
There is a staggering $31 billion worth of mortgages with the Commonwealth Bank where owners’ homes are exposed to “extreme” weather events, a new report has revealed.
The analysis from the CBA and CSIRO found that around $31.2 billion in home loans were in areas “exposed to increasing risk such as cyclone-exposed coastal regions, low-lying flood plains and rural areas in close proximity to the urban fringe”.
Drilling down, it said there were 38,000 properties with mortgages worth a combined $11 billion at high risk of exposure to cyclones, while 56,000 properties equalling $19 billion in home loans are at risk of floods and 5000 with $2 billion in mortgages are at risk of fire…
…The Reserve Bank of Australia has also warned that homeowners could see the value of their properties drop dramatically as a result of climate change and wild weather, which would also leave banks in a difficult position of recouping losses if someone was to default on their loan.
It identified 3.5 per cent of properties across Australia that were at “high risk” from climate damage.
A recent study found more than half a million Australian homes will be deemed ‘uninsurable’ by 2030 as worsening weather wreaks havoc on the nation.
Australia is the land of cyclones, floods, and fires. So much so that these events are etched into our popular culture songs:
Out on the patio, we’d sit
And the humidity we’d breathe
We’d watch the lightning crack over canefields
Laugh and think, this is Australia.
The land of drys and hardcore wets. Of lightning storms and cyclones. These events are even found in our worship songs as allegory:
This is the great southland of the Holy Spirit
A land of red dust plains and summer rains
To this sunburnt land we will see a flood
And to this great southland His Spirit comes.
The image of floods here is deep in the Aussie psyche. In fact, large swathes of Australia are dependent on floods to water dry and cracked ground each year. Our northern summer wets are famous. And using this imagery to illustrate the work of the Holy Spirit reaches deep into that Aussie psyche.
But in recent decades these deeply Aussie events have been used to drive home the Climate reset agenda, which has gone by various names. Now banks are starting to use it to take away the surety of much of Australia’s middle-class stability: that at least they can own a home and have it protected from our historically extreme weather. You will own something, but it won’t be secure.
The new attack on middle-class wealth is ramping up, and many Aussies lack of connection to their own land is allowing these corporations to sell it as necessary for Climate Change reasons.
This has always been the land of cyclones, floods and fires, and it always will. Nothing is changing that. But it appears we are no longer the land of the Aussie dream of a man secure in his castle with his family.