I agreed with about everything you said, sound experienced.
except your last sentence, seemed a bit open ended..
"and the cash rate will have to be over 3% by then. And I'm afraid that won't bode well for equity or property prices."
can you define "won't bode well", as we've had cash rates at 3%, and through bank competition, their margins dropped to just under 2%, meaning discount consumer rates were around 5%. how far above 3% before you see bigger price drops?
