Read on Twitter
Wow.
After all the hoo ha yesterday about the RBA 'halting the real estate market' I just went & read the email exchange.
Many articles and Twitter warriors are grossly exaggerating the comments for a headline or retweet. How many have actually read the comments in context?
After all the hoo ha yesterday about the RBA 'halting the real estate market' I just went & read the email exchange.
Many articles and Twitter warriors are grossly exaggerating the comments for a headline or retweet. How many have actually read the comments in context?
Nick emails colleagues pointing out that housing price data may not be reliable given the conditions under which real-estate agents are operating. In light of this he initially suggests 'price data' should be paused, so as not to have people MISTAKENLY think prices are crashing.
His colleague, Richie, replies. He agrees that the market conditions will mean getting a read on prices will be difficult, but doesn't think price developments should be written off in the way described by Nick.
Nick replies worried that the inability for inspections could result in a few desperate online sales skewing the data.
He makes what looks like an 'off the cuff' suggestion (to me) about halting all established dwelling sales.
He makes what looks like an 'off the cuff' suggestion (to me) about halting all established dwelling sales.
In my opinion, one economists off the cuff suggestion in an email to a few colleagues does not mean "the Reserve Bank" considered anything. Candid discussions like this are needed at a time of crisis, I don't think it's helpful to pick them apart for a headline in retrospect.
I would love to be a fly on the wall at the RBA when articles like this start hitting the wire.
I wonder if Nick got some ribbing at the office about his comments being picked up for this story
I wonder if Nick got some ribbing at the office about his comments being picked up for this story
