Low interest rates are keeping house prices, stock prices high, not JobKeeper. If you're earning nothing in your savings account, the 4%-5% dividend yield on stocks look very attractive. If you can borrow at 2.5% to buy property and rent it out to earn 5% gross rental yield, property looks attractive. Property prices are going to go up as long as interest rates stay at near zero.
And if you're arguing that interest rates are going up - yeah, no chance, the RBA can create as much money as it wants simply by pushing a button. It will never run out of money lending at 0.25% rates, because it's physically impossible for them to run out of Australian dollars. High sustained inflation might push rates up, but no one's getting huge pay rises in the current environment - so that ends that argument too.
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