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Monetary policy is not the right ‘tool’ to address runaway house prices, Reserve Bank says – ABC News

The RBA says the rebound in economic activity has been remarkable, but wages growth is a long way off.

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The Reserve Bank says property price rises can exacerbate inequality, and it’s “certainly an issue” that needs to be considered at the moment.
Key points:

  • The Reserve Bank says it is putting a “high priority” on full employment
  • But it says monetary policy is not the right tool to address runaway house prices
  • Economic activity has rebounded strongly, but wages growth remains abysmal

But monetary policy is not the appropriate tool to address the problem, because it is designed to encourage employment…

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