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Evand and Thommo, I understand the point you've both made and its a good one. The banks are not in the business of losing money. But that's only because they lend at a margin on what they borrow money at. So they always make their spread. But the point of inflation is that it does...

Just being pedantic, but its not wages that are the limiting factor but incomes. Incomes can be derived from a lot more sources than salaried wages. That is why Sydney is a star performer in the good times as a lot of Sydney's income is derived from non-wage sources such as dividend streams...