NAB: Lack of demand, not credit, behind house price falls

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By Leith van Onselen

While apologists for Australia’s housing correction tell us that it has been caused by the restriction of credit relating to regulatory action and the banking royal commission, the truth has been revealed by NAB chief Andrew Thorburn. From The Australian:

Further evidence has emerged of a softening housing market, with National Australia Bank chief executive Andrew Thorburn revealing home loan applications to the bank have fallen by 7 per cent over the past six months.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.