Officials from Treasury and the Reserve Bank front a parliamentary committee to wrestle with what is driving record property price growth and what can be done about it.
"The thing that gets me is the Australian government system of support for housing is actually geared and designed to produce the outcomes we get, and that's high prices and high demand," he said.
The mean or average price of a residential dwelling is now $835,700, up from $678,500 a year ago, according to the ABS. "The government policies in housing are aimed at constraining supply and increasing demand, and we wonder why we're getting the outcomes that we're getting with unaffordability," he said.
"But of course, those kinds of regulations rest with state and local governments, so it's not necessarily a lever the Commonwealth government can pull," he said.
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