House price falls in Sydney and Melbourne not all bad, Reserve Bank head says

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Philip Lowe says he doesn’t see a strong case to change monetary policy in near term

Declining house prices in Sydney and Melbourne should not come as a surprise and are not all bad news, the Reserve Bank governor, Philip Lowe, has told a parliamentary committee hearing in Sydney.

Lowe stressed that cooling prices, while making things “difficult for some in our community”, are not expected to derail Australia’s economy.

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#australian economy
#interest rates australia
#reserve bank of australia
#australia news
#housing