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, June 5, 2012

Excellent analysis of the daily housing data

From Ricardian Ambivalence here. He finds that unit prices, and Sydney and Adelaide house prices generally, have responded to the May rate cuts, but the rest of the market has not.

AFG's news today that they approved $3 billion worth of home loans in the month of May--their single biggest month in 3 years--is very important, I think. What was particularly interesting about AFG's data is that refinancing fell to the lowest levels in over a year. This was not, therefore, driven by people churning home loans.