Econintersect: John Symond, a leading Australian mortgage banker, and Steve Keen had a debate 06 May on the outlook for the Australian housing market on ABC (Australian Broadcasting Corporation) TV program “The Business”. Econintersect would say it was “sort of a debate” and better be called a discussion.
John Symond Steve Keen
Unconventional Economist at Macro Business has some comments on the debate/discussion, including:
In the interview, John Symond takes several contradictory positions, on the one hand declaring a “healthy housing market” and basically applauding price growth, as well as noting how low interest rates have made mortgages affordable. However, he also notes that house prices are too high, but then argues that rising home values have been a “gift” to the nation.
Keen, on the other hand, deplores Australian housing values, arguing that they are well above fundamentals. He also repeats his warnings that debt levels are too high.
- Symond vs Keen on Australian property (Unconventional Economist, Macro Business, 07 May 2014)