Here’s a bold statement: Western Australia’s housing crisis can’t be solved by building more homes alone—and this is the part most people miss. But here’s where it gets controversial: according to economist and former Citibank trader Gary Stevenson, the real issue isn’t local—it’s global. Stevenson, known as ‘the people’s economist’ for his straightforward and sometimes blunt analysis, argues that the housing affordability crisis in WA is a symptom of a much larger problem: the global asset price boom fueled by trillions in stimulus packages. These funds, he explains, eventually flow into the hands of the wealthy, who invest in assets like housing, driving prices up across the board. And this is the part most people miss: tinkering with local policies like negative gearing or mortgage rates won’t fix it. Stevenson warns that unless global asset prices stabilize, Perth could end up building its way into a slum—a fate seen in countless other cities that ignored the underlying issues of inequality and wealth distribution. But here’s where it gets controversial: he points to his own upbringing in Ilford, East London, once a working-class suburb now turned into a slum, as a cautionary tale. ‘Australia is heading in the same direction,’ he says, ‘building a super-luxury center surrounded by low-quality slums.’ Stevenson doesn’t stop there. He challenges WA to rethink its approach to its resource wealth, advocating for a sovereign wealth fund—like Norway’s AUD $3 trillion model—to safeguard its future. ‘Are you giving up your inheritance for a few decades of good living?’ he asks. And this is the part most people miss: without a long-term plan, WA risks squandering its natural resource fortune, leaving future generations with little to show for it. Stevenson’s message, delivered during his Down Under tour, has resonated with millions on his YouTube channel, where he breaks down complex economic trends into digestible insights. His Perth talk at the Regal Theatre in Subiaco promises to spark debate—and here’s a thought-provoking question for you: Can WA truly escape its housing crisis without addressing global inequality? Let us know your thoughts in the comments—this is one conversation you won’t want to miss.
