Home prices in New Zealand have gone through the roof, prompting changes to the Reserve Bank NZ mandate, and changes in monetary policy. But recent Treasury modelling shows how out of touch they are compared with ordinary people as they try to post-rationaise the benefits of high home prices. Not only are they using old data from 2018, but their neo-liberal skirts are showing. And similar distorting thinking is driving policy in other markets too – time for a change of tune!
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