When the real estate agent has to answer to a different country
Real estate agents are struggling to maintain the public trust after the Australian Securities and Investments Commission (ASIC) released a scathing report detailing how the industry has been compromised by an entrenched corporate culture that promotes a culture of corruption.
ASIC also revealed that the agency has received more than 200 complaints from individuals in Australia, Australia’s most populous state, that they have been harassed, intimidated, and bullied by their own agents.
The watchdog said its investigations had uncovered “a culture of corporate deceit, fraud and breach of trust” in the real-estate industry, and that the “pervasive problem of insider trading is compounded by a culture that fails to enforce ethical standards.”
AUSTRALIA’S COSTS OF PROBLEMS The ABC’s Simon Benson reports on how Australians’ tax dollars are being spent in the housing market and the cost of living.
It is estimated that the average Australian has spent $20,000 a year on housing.
The average annual cost of renting in the country was $3,700.
This compares to an average Australian family’s median household income of $58,000.
The total cost of all living expenses in Australia was $1.8 trillion.
This includes: Housing costs, including home ownership costs and mortgage payments