There is something to pay attention to other than the house price crash. Phil Lowe mentioned it yesterday in passing:
It’s an interesting issue you know, why we find ourselves in this situation. And every time I go to … talk to other governors of central banks, which I do six times a year, it was the most commonly discussed issue: why in tight labour markets, wage growth isn’t picking up?
So what’s happening in Australia is really a global story. So my take is that people in Australia feel like there is more competition, and they’re more uncertain about the future.