Video Description

More than 2.5 million Australians now live in an apartment, over the next decade, that number is set to soar. And while governments are sweeping away planning controls to boost the number of apartments in our capital cities, the multibillion-dollar strata industry - supposed to protect homeowners’ interests - is cashing in. This week, investigative reporter Linton Besser exposes the graft, and greed of the industry, and reveals that most states have turned a blind eye to the problems. After thousands of Australians wrote to the ABC with shocking stories of financial abuse, The Strata Trap uncovers the unethical practices that have drained untold sums of money from apartment owners' pockets. Besser and the Four Corners team investigate key industry players - from neighbourhood cowboys to multinational corporations. This program raises tough questions about the dearth of government intervention and lack of meaningful consumer protection. CHAPTERS 00:00 – Australia’s housing crisis 02:12 – The Strata Trap 02:43 – Phantom Fees 03:40 – Owners corporation 04:50 – Non-existent debts 08:30 – Australians speak out 09:37 – Rogue operators 10:40 – Broken down buildings 16:39 – Conflicts of interest 17:40 – Tideways 22:50 – Steadfast 24:03 – The corporate buy up 26:00 – Overpriced quotes 31:50 – Insurance policies 35:55 – Competition reform 41:30 – The spoils 42:05 – Billions in profits This episode was originally broadcast as ‘The Strata Trap’ on 9 September 2024 on ABC TV and ABC iview. Four Corners is Australia’s premier investigations documentary series. Follow Four Corners on Facebook: https://www.facebook.com/abc4corners Subscribe to the Four Corners weekly newsletter: https://www.abc.net.au/news/subscribe Find out more at the Four Corners website: https://www.abc.net.au/news/programs/4corners Note: In most cases, our captions are auto-generated. #ABCNewsIndepth #ABCNewsAustralia #4Corners