The RBA gets hawkish on asset prices – macrobusiness.com.au | macrobusiness.com.au<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"I believe that the RBA is determined to prevent any reinvigoration of the Australian housing bubble……. yesterday we had [] confirmation that the bank is structurally remodelling itself as an asset price hawk, with the appointment of Phil Lowe to the deputy governorship. In 2002, whilst working at the BIS [he] wrote a defining paper … <\/p>\n
Continue reading “The RBA gets hawkish on asset prices – macrobusiness.com.au”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40],"tags":[243,1736,2656,2860],"class_list":["post-2544","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","tag-asset-prices","tag-housing-bubble","tag-phil-lowe","tag-rba"],"yoast_head":"\nThe RBA gets hawkish on asset prices - macrobusiness.com.au - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The RBA gets hawkish on asset prices - macrobusiness.com.au - the patient investor\" \/>\n<meta property=\"og:description\" content=\"I believe that the RBA is determined to prevent any reinvigoration of the Australian housing bubble……. yesterday we had [] confirmation that the bank is structurally remodelling itself as an asset price hawk, with the appointment of Phil Lowe to the deputy governorship. 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We published that assessment in the March and September Reviews. In the wake of that, we have sometimes been asked: how\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2549,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/06\/asset-prices-financial-and-monetary-stability\/","url_meta":{"origin":2544,"position":1},"title":"Asset prices, financial and monetary stability","author":"ColinTwiggs","date":"December 6, 2011","format":false,"excerpt":"If financial imbalances can build up in an environment of low inflation it stands to reason that a monetary policy reaction function that does not respond to these imbalances when they occur can unwittingly accommodate an unsustainable and disruptive boom in the real economy. The result need not take the\u2026","rel":"","context":"In "Debt Levels"","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":38974,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/11\/22\/australias-debt-end-game\/","url_meta":{"origin":2544,"position":2},"title":"Australia’s debt end game","author":"Colin Twiggs","date":"November 22, 2022","format":false,"excerpt":"We are nearing the end of a thirty year bull market in credit, during which time the overnight cash rate in Australia fell from 18% in 1989 to 0.03% in 2021. Low interest rates enabled households to borrow more relative to their income, with housing debt expanding 4.5 times, over\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1671,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/31\/why-the-rba-should-cut-rates-macrobusiness-com-au-macrobusiness-com-au\/","url_meta":{"origin":2544,"position":3},"title":"Why the RBA should cut rates – macrobusiness.com.au","author":"ColinTwiggs","date":"October 31, 2011","format":false,"excerpt":"Nominal house prices are falling. Not collapsing, certainly. But falling very consistently, roughly 6% peak to trough. 8.5% in real terms. This has had a number of well documented effects including high savings rates, historically conservative levels of retail sales and stalled services sector investment. .....Now, in August, the latest\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":823,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/09\/19\/rbnz-throws-cold-water-on-rba-macrobusiness-com-au\/","url_meta":{"origin":2544,"position":4},"title":"RBNZ throws cold water on RBA – macrobusiness.com.au","author":"ColinTwiggs","date":"September 19, 2011","format":false,"excerpt":"What should be clear...... is that the growth in Australian housing values has been funded, to a large extent, by foreign borrowings, much of it short-term. A key risk going forward is that the banks\u2019 ability to refinance their borrowings rests with the willingness of foreign investors to continue to\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8315,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/08\/23\/the-road-not-taken-macrobusiness-com-au\/","url_meta":{"origin":2544,"position":5},"title":"The road not taken | Macrobusiness.com.au","author":"ColinTwiggs","date":"August 23, 2013","format":false,"excerpt":"By Houses & Holes at Macrobusiness.com.au So, with our Federal election mostly over, at least enough to get a good sense of where we\u2019re going, I think it\u2019s fair to conclude that we are not going to get out in front of the primary economic issues of our time. 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