by Chris Becker
The RBA just released this “snapshot” of the Australian economy, I guess as a preview of its SOMP (Statement on Monetary Policy) to be released on Friday.
Snapshots are great for the low attention span crowd, but even they could do the math quickly and note the average house price to earnings ratio is around 10 times.
For those with a calculator handy, that implied savings ratio even pre-tax means approx. 28 years to save for a 20% deposit on the average house.
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Well done RBA, well done.