Don't dwell on the myth of a housing construction boom

A fall in building approvals indicates that the current 'boom' will be short-lived, and will do little to support future economic growth. It's time the Reserve Bank faced up to this fact.

The Reserve Bank of Australia and many private sector analysts have put their faith in the housing sector to help offset the collapse in mining investment. Unfortunately, the current boom appears likely to be fairly short, with more in common with the 2010-11 ‘boom’ rather than growth in the early 2000s.

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