The Australian has an article today headlined with comments from RBA board member John Edwards: House prices rises not a crisis, says RBA member John Edwards
Edwards comments originally appeared overnight in the Wall Street Journal, here (may be gated): Australian House Prices Not Approaching a Crisis, Central Banker Says
- “It is not anything approaching a crisis,” … though he added that house price growth is an issue worth keeping an eye on.
- (Also) said housing credit growth, high amounts of household debt and weak income growth would cool prices. “It is not obvious how far this can run”
- Said job creation in Australia remains relatively weak overall, despite data earlier Thursday showing that employment rose by a record 121,000 in August
- “The number on job creation, you wouldn’t expect that to be sustained. It is extraordinarily high,” Mr. Edwards said, adding that employment growth also wasn’t as weak as implied in the July figure