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If I was Governor I would have raised rates to 4% when VN Commodore SS's were fetching $70-$80k at auction. Or 2 door WRX's were $117k... I can't find the original video from Channel 9, but this video says all that needs to be said really. https://www.facebook.com/watch/?v=778199276131654

Gav for RBA Governor!

I think the Real Estate market recovery is a bit of a false dawn. Everyone is front-running the RBA re: dropping rates thinking prices will bounce/boom again. But I don't think inflation is anywhere near under control and I don't think the RBA is done raising rates - they should have gone hard, earlier and raised more quickly and more basis points, but they have jumped the shark on this 1 and now we are all experiencing more pain. Of course RBA are not the only ones to blame on this IMHO. Government could be doing more to moderate energy prices and not run such crazy immigration numbers which is putting rents higher (rents and energy go into CPI calculation). TL;DR - is more pain ahead.