Government response is very difficult to predict. That's why...

Government response is very difficult to predict. That's why Keen got it so wrong. He didn't think the RBA would continually bail out the property market, but it did. That's meant to be arm's length from government but basically government let the RBA stimulate with interest rates cuts even though the RBA itself was pleading with the government to use fiscal policy. So here we are.

some markets are unwinding, particularly apartments for students and investment apartments in the Sydney and Melbourne markets. They're just starting to unwind now because of the collapse of buying from the Chinese. While the moratorium continues from the banks no visible pain. Yet.