The Importance of Economic Fundamentals in the Australian Housing Market

I think it's pretty hard to disagree with the statement that the correction thus far has been orderly. But there's no, I mean, credit growth is positive. A raise remained very low. Economic growth is seen between 2% and 3%. The budget is in rude health. Commodity prices stay high. There's heaps of fiscal and monetary policy ammunition that will endogiously support any acceleration in the housing downturn. We'll see the return of the first time buyers boost or bonus. And the housing market will react very quickly precisely as it did in 2009-10. House prices surged over 2009-2010 after an 8% drop in 2008 because of the Fiscal and monetary policy reaction