1 00:00:05,880 --> 00:00:08,520 Sean Aylmer: Welcome to the Fear and Greed business Interview. I'm Sean Aylmer. 2 00:00:08,640 --> 00:00:12,360 Sean Aylmer: This afternoon, the Reserve Bank in all likelihood will cut 3 00:00:12,480 --> 00:00:15,920 Sean Aylmer: interest rates, and while mortgage holders will welcome any relief, 4 00:00:15,960 --> 00:00:18,520 Sean Aylmer: there are bigger questions over what a rate cut will 5 00:00:18,520 --> 00:00:21,720 Sean Aylmer: mean for house prices and in turn housing affordability. Peter 6 00:00:21,800 --> 00:00:24,959 Sean Aylmer: Munkon is the chief economist at Bank of Queensland. Peter, 7 00:00:25,079 --> 00:00:26,040 Sean Aylmer: welcome to Fear and Greed. 8 00:00:26,320 --> 00:00:28,000 Peter Munckton: Thanks very much for inviting me on, Sean. 9 00:00:28,520 --> 00:00:30,680 Sean Aylmer: First off, do you think we'll get a rate cut 10 00:00:30,720 --> 00:00:31,400 Sean Aylmer: this afternoon. 11 00:00:32,000 --> 00:00:33,800 Peter Munckton: I've gotta be a little bit surprised if they don't 12 00:00:33,800 --> 00:00:36,960 Peter Munckton: cut rates. First of all, at their previous meeting in April, 13 00:00:37,159 --> 00:00:39,519 Peter Munckton: they're very open minded in the inflation number at the 14 00:00:39,600 --> 00:00:41,560 Peter Munckton: end of April. You know, if you look at the 15 00:00:41,600 --> 00:00:43,960 Peter Munckton: trim mean numbers for the last two quarters, yes that's 16 00:00:44,040 --> 00:00:46,599 Peter Munckton: underlying inflations were about where the RBA wants it to be. 17 00:00:47,000 --> 00:00:49,279 Peter Munckton: If you look at the economic growth numbers, things are 18 00:00:49,280 --> 00:00:51,600 Peter Munckton: looking somewhat better than they were this time last year, 19 00:00:51,920 --> 00:00:54,760 Peter Munckton: but not still not terrific. And of course, since we 20 00:00:55,000 --> 00:00:57,400 Peter Munckton: know the last month or two we've got the Trump 21 00:00:57,440 --> 00:00:59,720 Peter Munckton: tariffs come on board, which because it's downside economic risks. 22 00:00:59,720 --> 00:01:01,840 Peter Munckton: So you had inflation about where the RBA wants it, 23 00:01:02,160 --> 00:01:04,560 Peter Munckton: You've got economic growth maybe improving, but not quite as 24 00:01:04,560 --> 00:01:07,120 Peter Munckton: strong as we need it to be. And then finally, 25 00:01:07,319 --> 00:01:11,280 Peter Munckton: this is a widespread agreement amongst economists that basically interest 26 00:01:11,360 --> 00:01:13,280 Peter Munckton: rates are above this sort of long term average level. 27 00:01:13,319 --> 00:01:17,600 Peter Munckton: So at all that other together, inflation about average interest rates, 28 00:01:17,640 --> 00:01:20,520 Peter Munckton: above average economic growth a little bit weak, you get 29 00:01:20,560 --> 00:01:22,760 Peter Munckton: a rate cut. So I'd be very surprised if the 30 00:01:22,840 --> 00:01:24,320 Peter Munckton: RBA doesn't cut rate. 31 00:01:25,040 --> 00:01:26,920 Sean Aylmer: Okay, so let's park that. We'll come back to that 32 00:01:27,000 --> 00:01:30,560 Sean Aylmer: later in this discussion the housing market. Start with a 33 00:01:30,600 --> 00:01:34,959 Sean Aylmer: big picture, what's the current state of housing affordability in Australia. 34 00:01:35,560 --> 00:01:39,360 Peter Munckton: I'm not great, and I think you know that's sort 35 00:01:39,400 --> 00:01:43,120 Peter Munckton: of a widespread you virtually anywhere you go people, you know, 36 00:01:43,360 --> 00:01:46,120 Peter Munckton: if you want to get a discussion going, you just 37 00:01:46,120 --> 00:01:48,520 Peter Munckton: sort of say gear house price is high, and therefore 38 00:01:48,280 --> 00:01:50,080 Peter Munckton: you got in to talk. For the rest of the meat, 39 00:01:51,640 --> 00:01:55,280 Peter Munckton: everyone knows and cannot believe about how high house prices are. 40 00:01:55,520 --> 00:01:56,960 Peter Munckton: And there's a bunch of reasons for that short and 41 00:01:56,960 --> 00:01:58,880 Peter Munckton: maybe we can touch on those, but the biggest one 42 00:01:58,960 --> 00:02:01,360 Peter Munckton: is basically is that we you know, we've got a 43 00:02:01,360 --> 00:02:04,200 Peter Munckton: grown population, we haven't been able to build enough home stoo. 44 00:02:05,200 --> 00:02:07,880 Sean Aylmer: So is that I mean it's a supply issue at 45 00:02:07,920 --> 00:02:08,519 Sean Aylmer: the end of the day. 46 00:02:09,320 --> 00:02:14,480 Peter Munckton: Well you can economists say it's demand and supply. Yeah, 47 00:02:14,960 --> 00:02:16,960 Peter Munckton: So there is the two things. First of all, you 48 00:02:16,960 --> 00:02:19,080 Peter Munckton: know about twenty years ago we did have a step 49 00:02:19,160 --> 00:02:23,320 Peter Munckton: up in population growth. We've had since then an increased 50 00:02:23,360 --> 00:02:26,320 Peter Munckton: ability to actually increased our dwelling supply or the number 51 00:02:26,320 --> 00:02:28,080 Peter Munckton: of new do olance be built. So that's been a 52 00:02:28,080 --> 00:02:31,000 Peter Munckton: good thing. Issues been we just haven't now increased our 53 00:02:31,040 --> 00:02:34,280 Peter Munckton: dueling supply enough and I think that's sort of been 54 00:02:34,320 --> 00:02:36,720 Peter Munckton: the big issue ticking the last ten or fifteen years 55 00:02:37,040 --> 00:02:39,840 Peter Munckton: about why affordability is problem. That we've got a strongly 56 00:02:39,880 --> 00:02:43,080 Peter Munckton: grown population, but our ability to supply housing for that 57 00:02:43,120 --> 00:02:45,160 Peter Munckton: grind population hasn't been good enough. 58 00:02:45,360 --> 00:02:48,600 Sean Aylmer: So the growth in population has been higher than the 59 00:02:48,639 --> 00:02:51,480 Sean Aylmer: growth in supply. And is that why home mannership's at 60 00:02:51,520 --> 00:02:52,240 Sean Aylmer: a seventy year low. 61 00:02:52,919 --> 00:02:56,080 Peter Munckton: That's exactly right. So you know you've got strong demand 62 00:02:56,080 --> 00:02:59,240 Peter Munckton: for housing, not enough supply of it, so house prices 63 00:02:59,240 --> 00:03:02,280 Peter Munckton: go up and beholdest people can afford it, and what 64 00:03:02,320 --> 00:03:04,240 Peter Munckton: we've got is sort of decline home ownership, and as 65 00:03:04,280 --> 00:03:06,680 Peter Munckton: you correctly say, if you actually look at the numbers, 66 00:03:06,680 --> 00:03:07,880 Peter Munckton: you a really have to go back to the nineteen 67 00:03:07,919 --> 00:03:11,239 Peter Munckton: fifties to see a lower number than when we are today. 68 00:03:11,360 --> 00:03:13,400 Peter Munckton: That's course not the only implication, right that sort of 69 00:03:13,560 --> 00:03:16,519 Peter Munckton: the ability of people to get into the market. A 70 00:03:16,600 --> 00:03:19,160 Peter Munckton: second consequence is that your ability to pay off the 71 00:03:19,160 --> 00:03:22,200 Peter Munckton: mortgage is not as easy because the mortgage is so big, 72 00:03:22,240 --> 00:03:24,000 Peter Munckton: so it takes you a lot longer to do so. 73 00:03:24,000 --> 00:03:26,760 Peter Munckton: So the proportion of people who's actually got a home, 74 00:03:27,160 --> 00:03:30,160 Peter Munckton: both proportioned who actually got a mortgage is pretty high. 75 00:03:30,600 --> 00:03:32,360 Peter Munckton: The third thing, obviously is that if you do have 76 00:03:32,400 --> 00:03:35,400 Peter Munckton: a mortgage, because it is so big, then the proportion 77 00:03:35,480 --> 00:03:38,040 Peter Munckton: of your incomes get going to have to serve that 78 00:03:38,080 --> 00:03:40,000 Peter Munckton: mortgage is actually quite high right. 79 00:03:39,960 --> 00:03:41,960 Sean Aylmer: Now, So in a note you rate in the last 80 00:03:42,000 --> 00:03:44,640 Sean Aylmer: couple of days. So it was really interesting the point 81 00:03:44,800 --> 00:03:47,560 Sean Aylmer: that the cost of living crisis at the moment, it's 82 00:03:47,640 --> 00:03:51,360 Sean Aylmer: exacerbated by these other points that you're making, by the 83 00:03:51,440 --> 00:03:55,040 Sean Aylmer: fact that it is really hard to make those repayments 84 00:03:55,080 --> 00:03:58,480 Sean Aylmer: and house prices are so high. Therefore, it seems that 85 00:03:58,560 --> 00:04:01,640 Sean Aylmer: this cost of living crisis seems to be worse than 86 00:04:01,680 --> 00:04:05,440 Sean Aylmer: previous ones. At least the economy. I mean, plenty of 87 00:04:05,480 --> 00:04:08,400 Sean Aylmer: the economic data looks okay, but we're all feeling it 88 00:04:08,600 --> 00:04:10,720 Sean Aylmer: a lot more or something like that, and maybe that 89 00:04:10,840 --> 00:04:11,800 Sean Aylmer: is related to housing. 90 00:04:12,640 --> 00:04:14,960 Peter Munckton: Sure, I think that's part of the story here. So 91 00:04:15,360 --> 00:04:18,359 Peter Munckton: you know, the unusual thing about you know, the economic 92 00:04:18,400 --> 00:04:20,960 Peter Munckton: crisis would use that serve GOP now is the unapointment 93 00:04:21,040 --> 00:04:24,960 Peter Munckton: rates so low? Yeah, like it's extraordinary. Essentially our unemployment 94 00:04:25,040 --> 00:04:27,799 Peter Munckton: rates near fifty year lows, and yet we're already concerned 95 00:04:27,800 --> 00:04:29,919 Peter Munckton: about things. And that is very consistent. You know, the 96 00:04:30,000 --> 00:04:32,920 Peter Munckton: surveys that asks households, you know, how do you think 97 00:04:32,960 --> 00:04:34,520 Peter Munckton: about the state of your budget or the study of 98 00:04:34,520 --> 00:04:36,920 Peter Munckton: your own finances And it's picked up a little bit recently, 99 00:04:36,960 --> 00:04:40,520 Peter Munckton: but essentially last year, the answer to that survey was, 100 00:04:40,640 --> 00:04:42,720 Peter Munckton: I feel my budget is a bad a state as 101 00:04:42,720 --> 00:04:46,479 Peter Munckton: it is during a deep recession, right, So why is that? So? 102 00:04:46,839 --> 00:04:49,680 Peter Munckton: The first bit as we're going through is that the 103 00:04:49,760 --> 00:04:52,320 Peter Munckton: housing affordability is playing a role the size of the mall. 104 00:04:52,360 --> 00:04:54,640 Peter Munckton: It's not so much the level the interest rates so much. 105 00:04:54,880 --> 00:04:57,400 Peter Munckton: The size of the mortgage is just so big that 106 00:04:57,480 --> 00:05:00,479 Peter Munckton: obviously takes a fair bit of your free incomes. The 107 00:05:00,520 --> 00:05:03,520 Peter Munckton: second bit, though, which is something that we really haven't 108 00:05:03,520 --> 00:05:06,880 Peter Munckton: been confronted consistently as an economy now for about thirty 109 00:05:06,960 --> 00:05:09,880 Peter Munckton: years was the inflation rate. So the inflation rate, the 110 00:05:09,960 --> 00:05:12,400 Peter Munckton: level of prices has gone up about twenty five percent 111 00:05:12,400 --> 00:05:14,680 Peter Munckton: in the last two years. Our wages by and large 112 00:05:14,680 --> 00:05:16,600 Peter Munckton: haven't gone up by twenty five percent over the last 113 00:05:16,640 --> 00:05:19,159 Peter Munckton: two or three years, and so all of a sudden, 114 00:05:19,200 --> 00:05:21,400 Peter Munckton: that's been a really big negative. So it's a really 115 00:05:21,440 --> 00:05:24,120 Peter Munckton: really big negative obviously, is that not only have you 116 00:05:24,120 --> 00:05:27,599 Peter Munckton: got to face the higher cost of bread and milk, etcetera, 117 00:05:27,960 --> 00:05:30,200 Peter Munckton: but on top of that, you've got a big mortgage. 118 00:05:30,480 --> 00:05:33,680 Peter Munckton: And so if you actually look about which segments of 119 00:05:33,760 --> 00:05:38,200 Peter Munckton: society are really really feeling it tough, those segments of 120 00:05:38,240 --> 00:05:41,080 Peter Munckton: society that have got a big housing cost, and they're 121 00:05:41,080 --> 00:05:44,320 Peter Munckton: either those with a mortgage or be those lot rent 122 00:05:44,560 --> 00:05:46,920 Peter Munckton: those are the ones in particular who feel that they're 123 00:05:46,960 --> 00:05:48,320 Peter Munckton: are family finances of not great. 124 00:05:48,360 --> 00:05:55,560 Sean Aylmer: Start. Stay with me, Peter, We'll be back in a minute. 125 00:05:57,880 --> 00:06:00,120 Sean Aylmer: I guess this morning is Bank of Queensland tea. If 126 00:06:00,120 --> 00:06:07,000 Sean Aylmer: economist Peter Munkton, Peter, what's the solution to the housing crisis? 127 00:06:07,000 --> 00:06:10,400 Sean Aylmer: And I mean I'm on the supply side. Firstly, is 128 00:06:10,440 --> 00:06:13,320 Sean Aylmer: it about being more productive in the way we build houses. 129 00:06:14,440 --> 00:06:16,719 Peter Munckton: So the first bit is, well, the short answer is 130 00:06:16,839 --> 00:06:18,919 Peter Munckton: sean yes, and then the question is about how do 131 00:06:18,960 --> 00:06:21,640 Peter Munckton: we go about doing that. We think about the last 132 00:06:21,640 --> 00:06:24,360 Peter Munckton: ten or fifteen years, what have been the constraints about 133 00:06:24,400 --> 00:06:26,960 Peter Munckton: our ability to supply more homes. So one constraint has 134 00:06:26,960 --> 00:06:30,800 Peter Munckton: been regulation. We know I'm speaking to you from Sydney, 135 00:06:31,200 --> 00:06:33,160 Peter Munckton: and in Sydney, you know one of the issues has 136 00:06:33,200 --> 00:06:36,560 Peter Munckton: been quite a number of councils have limited the ability 137 00:06:36,600 --> 00:06:40,160 Peter Munckton: to increase houses apply in the council regions. So one 138 00:06:40,240 --> 00:06:43,839 Peter Munckton: is sort of regulation. We are we allowing our regulations 139 00:06:44,120 --> 00:06:46,760 Peter Munckton: and the maximum number of houses to be built. The 140 00:06:46,800 --> 00:06:49,720 Peter Munckton: second thing is that we talked about stronger population growth 141 00:06:50,240 --> 00:06:52,880 Peter Munckton: and we talked about we haven't had enough investment of housing. 142 00:06:53,560 --> 00:06:56,800 Peter Munckton: Two other things has happened. We haven't had enough business investment, 143 00:06:56,920 --> 00:06:58,960 Peter Munckton: which is one of the factors my view, the biggest 144 00:06:59,000 --> 00:07:01,599 Peter Munckton: fact about why product growth is so low. And the 145 00:07:01,680 --> 00:07:04,360 Peter Munckton: third thing was we've had a big, strong increase in population, 146 00:07:04,720 --> 00:07:06,640 Peter Munckton: but for a long period of time we didn't invest 147 00:07:06,760 --> 00:07:11,200 Peter Munckton: enough in infrastructure. Now, go around any city, any state, 148 00:07:11,440 --> 00:07:13,720 Peter Munckton: you'll find lots and lots of work happening in infrastructure, 149 00:07:13,720 --> 00:07:16,520 Peter Munckton: so we can't complain about that. But of course, if 150 00:07:16,560 --> 00:07:18,760 Peter Munckton: people are doing a whole lot of work in infrastructure, 151 00:07:19,120 --> 00:07:21,600 Peter Munckton: that means the labor and the materials either ain't not 152 00:07:21,640 --> 00:07:24,239 Peter Munckton: going to be available or be going to be more costly, 153 00:07:24,560 --> 00:07:27,280 Peter Munckton: particularly for the sorts of housing that happens in the 154 00:07:27,320 --> 00:07:30,200 Peter Munckton: big capital cities, increasing the amount of the housing stock 155 00:07:30,200 --> 00:07:33,000 Peter Munckton: will be units. The sort of people that build big 156 00:07:33,280 --> 00:07:35,200 Peter Munckton: units are also the sort of people can be work 157 00:07:35,240 --> 00:07:38,240 Peter Munckton: on infrastructure projects. And of course the steel that you 158 00:07:38,320 --> 00:07:41,040 Peter Munckton: use in infrastructure projects is also the steel you be 159 00:07:41,400 --> 00:07:45,040 Peter Munckton: using big unit blocks. So you know, all this is 160 00:07:45,080 --> 00:07:47,640 Peter Munckton: linked together on that. Basically, we've had strong population growth, 161 00:07:47,680 --> 00:07:50,080 Peter Munckton: but we just have an enough investment. We're doing some 162 00:07:50,120 --> 00:07:53,440 Peter Munckton: of that investment now, but ironically, some of the investment 163 00:07:53,560 --> 00:07:56,720 Peter Munckton: doing in infrastructure, which we need. Let's face, we're stuck 164 00:07:56,720 --> 00:07:58,560 Peter Munckton: in traffic all the time, and if we're to get 165 00:07:58,560 --> 00:08:01,920 Peter Munckton: out of there quicker, we need the infrastructure investment, but 166 00:08:02,240 --> 00:08:05,560 Peter Munckton: we also need the investment in housing. And that's right now. 167 00:08:05,760 --> 00:08:08,320 Peter Munckton: That extra investment in infrastructure is creating a bit of 168 00:08:08,320 --> 00:08:08,880 Peter Munckton: an issue. 169 00:08:09,240 --> 00:08:11,680 Sean Aylmer: Is it tilt too far towards infrastructure at the moment 170 00:08:11,760 --> 00:08:12,960 Sean Aylmer: Visa v housing. 171 00:08:13,000 --> 00:08:15,160 Peter Munckton: Because I think you know, I think that just given 172 00:08:16,080 --> 00:08:19,280 Peter Munckton: you know, our ability to actually build things, because you know, 173 00:08:19,320 --> 00:08:22,800 Peter Munckton: building infrastructure projects is difficult, right every pick of the 174 00:08:22,800 --> 00:08:26,400 Peter Munckton: there are big projects, they're complex projects. You know, the 175 00:08:26,440 --> 00:08:29,200 Peter Munckton: actual productivity you try and get that rat is pretty hard. 176 00:08:29,520 --> 00:08:31,160 Peter Munckton: You know. If I had to sort of say, what's 177 00:08:31,200 --> 00:08:33,560 Peter Munckton: the number one issue right now, you know, trying to 178 00:08:33,600 --> 00:08:37,000 Peter Munckton: get better infrastructures clear clearly a key one in my view, 179 00:08:37,000 --> 00:08:40,480 Peter Munckton: probably the number one is housing affordability. And so when 180 00:08:40,480 --> 00:08:42,439 Peter Munckton: we think going forward, you know, where do we want 181 00:08:42,480 --> 00:08:44,880 Peter Munckton: resources over the next three to five years, Having more 182 00:08:44,920 --> 00:08:48,400 Peter Munckton: resources devoted to residential construction I think would be pretty useful. 183 00:08:48,600 --> 00:08:50,120 Peter Munckton: There is a good news story here, sure, and that 184 00:08:50,200 --> 00:08:52,480 Peter Munckton: you know, if we look at some of the indicators 185 00:08:52,520 --> 00:08:54,880 Peter Munckton: you want to see about where is construction going to 186 00:08:54,920 --> 00:08:57,400 Peter Munckton: be in six months eight months time, some of those 187 00:08:57,440 --> 00:09:00,319 Peter Munckton: indicators are starting to look better. So I think some 188 00:09:00,360 --> 00:09:04,120 Peter Munckton: of this stuff will just cyclically improve. But maybe over 189 00:09:04,160 --> 00:09:06,440 Peter Munckton: the next three to five years, maybe you've got some 190 00:09:06,480 --> 00:09:10,240 Peter Munckton: of the infrastructure projects maybe down the notch, allow the 191 00:09:10,400 --> 00:09:12,599 Peter Munckton: residential construction to get built and then get back to 192 00:09:12,679 --> 00:09:14,800 Peter Munckton: infrastructure projects. Maybe it's a possible solution. 193 00:09:15,240 --> 00:09:18,559 Sean Aylmer: Okay, So let's bring in this afternoon's probable rate cup. 194 00:09:19,040 --> 00:09:23,160 Sean Aylmer: What does that mean for the housing sector given where 195 00:09:23,160 --> 00:09:27,079 Sean Aylmer: we are at supply and demand wise, Well. 196 00:09:27,040 --> 00:09:28,560 Peter Munckton: It means a couple of things. The first one is, 197 00:09:29,120 --> 00:09:31,520 Peter Munckton: you know, you get lower interest rates. That's obviously very 198 00:09:31,559 --> 00:09:34,120 Peter Munckton: good for borrowers, and so we talked about the cost 199 00:09:34,160 --> 00:09:36,880 Peter Munckton: of living squeeze and so forth. You know, one benefit 200 00:09:36,880 --> 00:09:39,360 Peter Munckton: we've had is the lower inflation rells with the wages growth, 201 00:09:39,360 --> 00:09:41,040 Peter Munckton: so it's a little bit more disposed we can come there. 202 00:09:41,280 --> 00:09:43,800 Peter Munckton: A second benefit we've had is the tax cuts. And 203 00:09:43,840 --> 00:09:46,400 Peter Munckton: then the third benefit people get obviously is the lower rates. 204 00:09:46,960 --> 00:09:48,520 Peter Munckton: So all of a sudden there is more and more 205 00:09:48,520 --> 00:09:52,120 Peter Munckton: disposable wing come out there and people start to find 206 00:09:52,120 --> 00:09:54,800 Peter Munckton: that out. If that survey has spoke about earlier on, 207 00:09:55,040 --> 00:09:57,240 Peter Munckton: if you look at the responses and that compared to 208 00:09:57,280 --> 00:10:00,120 Peter Munckton: this time last year, people do understand their finance are 209 00:10:00,120 --> 00:10:02,320 Peter Munckton: getting better, and I think that will prove So that's 210 00:10:02,760 --> 00:10:05,199 Peter Munckton: one big plus. The second plus is that if you 211 00:10:05,200 --> 00:10:07,680 Peter Munckton: want to get in the market, lower registrates is obviously 212 00:10:07,720 --> 00:10:10,000 Peter Munckton: pretty useful. But that can bring us to the third thing, 213 00:10:10,400 --> 00:10:12,760 Peter Munckton: like the supply and demand question, right, So if more 214 00:10:12,800 --> 00:10:15,080 Peter Munckton: people can get in and potentially pay a higher price. 215 00:10:15,360 --> 00:10:18,880 Peter Munckton: There's an unchangeable supply. Higher demand and unchanged supply get 216 00:10:18,920 --> 00:10:21,880 Peter Munckton: your somewhat higher price. And I suspect that the house 217 00:10:21,920 --> 00:10:24,680 Peter Munckton: prices might pick up a little bit from here. No, 218 00:10:25,160 --> 00:10:28,840 Peter Munckton: mainly because the lower registrates allow more people to be 219 00:10:28,880 --> 00:10:31,720 Peter Munckton: in the market now because of the affordability issue we've 220 00:10:31,800 --> 00:10:35,240 Peter Munckton: talked a lot about, Shawn, I wouldn't expect massive increases 221 00:10:35,360 --> 00:10:37,920 Peter Munckton: in house price in this particular cycle, but I would 222 00:10:38,000 --> 00:10:40,240 Peter Munckton: be surprised if I don't pick up a little bit 223 00:10:40,720 --> 00:10:43,000 Peter Munckton: where we are today. And that's purely in simply because 224 00:10:43,040 --> 00:10:47,000 Peter Munckton: history would tell us usually lower regist rates doesn't lead 225 00:10:47,040 --> 00:10:48,280 Peter Munckton: to some rising house prices. 226 00:10:48,480 --> 00:10:50,120 Sean Aylmer: Peter, thank you for talking to Fear and Greed. 227 00:10:50,400 --> 00:10:52,040 Peter Munckton: Excellent shortan. Thanks very much for the invite. 228 00:10:52,040 --> 00:10:55,119 Sean Aylmer: Again, that's Peter Mankton, chief Economists at Bank of Queensland. 229 00:10:55,160 --> 00:10:57,000 Sean Aylmer: This is the Fear and Greed Business Interview. You join 230 00:10:57,120 --> 00:10:59,520 Sean Aylmer: us every morning for the full episode of Fear and Greed, 231 00:10:59,679 --> 00:11:02,120 Sean Aylmer: daily business news for people who make their own decisions. 232 00:11:02,360 --> 00:11:09,480 Sean Aylmer: I'm Chane al mont Enjoy your day, h