The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."

Tuesday, August 17, 2010

RBA not confused about what is happening to house prices

This is what the RBA said today:

"There had been further signs of a cooling in the established housing market after a year of strong price increases. Housing prices had shown little growth over the past few months, with prices falling in June, including in Melbourne where price growth had earlier been strongest. Auction clearance rates in Sydney and Melbourne had declined significantly, to around average levels. Housing loan approvals were estimated to have declined further in June and housing credit growth had moderated. These developments suggested that the earlier increases in lending rates were having an effect on household behaviour."