What you will notice CBs globally aren't in the charity game. They work with numbers and sometimes in addition to Govt policies of the ideology of the day. It is a fact that with such low IR and a general 10-15% valuation discounting drives the regulators/Govt into panic mode. Political and Psychological: Electioneering + wealth effect. Oz Govt likes to bang on about the 3 decade non-recessionary economy with a massive boom in property causing affordability complains but the post election cuts are only fueling the speculation in key property exclusive suburbs.
Tail wagging the dog. Housing sector employment is a significant makeup of jobs and when it comes to cost cutting, they encourage de-regulation of the building codes and we now see the effects from condos cracking. They real sustaining jobs where it matters are not building but making things (manufacturing). Car making decimated. The remaining mining industry of which Coal is a big addition to balance of payments are being overpowered by some Greenies more interested in Vegan diet as a trend.
It is easy to complain on the system but I can see Govt immigration policy to boost housing demand by importing foreign households and they call this demographics. These households will require jobs, not Uber or Deliveroo services. In addition tech disruptor is pushing traditional industries down the cost curve from retail sales to services.
Now the boom talk, global regulators are caught in this cheap money trap unable to push rates up without destroying confidence of retail sales, properties and wage growth. Equity market is the only avenue for us investors looking to try and be ahead of Fix deposit and I suspect some will see holding gold bars as another avenue with little opportunity cost when measured against safe haven bond yields.
2 of the 3 key markets are getting Trump's tick, stocks and bond yields. Hence he has been banging on Powell to try to talk down the USD!
Personally I still think eventually Oz will get the QE treatment although I see a recovering AUDUSD. Should Dec 15 tariff rise, we have a reset conditions. Trench warfare is here to stay and both sides try to leverage their tactic but I see more stimulus coming from China to keep their aspirations alive while under massive tariff attack.
