Reality bites: Gravy train runs off the tracks for paper millionaires

IT may come as a shock to ordinary taxpayers that the state is supporting couples and cash-broke developers with multiple properties, but the reality is many people doubled-up on house purchases and investments in the boom.

Property-rich people (on paper) are seeking help and money through debt and charity services in what was described as a “new phenomenon”, according to officials assisting them.

One community welfare officer who has administered such payments, summed it up. “These people have no cash. So you look to see if they have accessible assets and if they can prove they don’t, they have a claim. After all, you can’t eat bricks and mortar.”