That is a big call saying that the Governor of the RBA talks out...

That is a big call saying that the Governor of the RBA talks out of his ar#e. I dont know what to say to that. He is happy because as the property market deflates or crashes then he is covered by having issued warnings for 12 months now. By the way I think he has the immigration numbers. You are right an artificially stimulated building indusrty is one reason our economy has remained strong. As this winds back the next growth engine is difficult to find in a near contractionary international economy. The building industry may have created enough multipliers in the domestic economy to give us some growth. But if our growth does fall away and earnings are falling I dont know how how people are going to pay their properties off and voola ccrrraasshhh!