New Zealand's bold move against the housing bubble

The Reserve Bank of New Zealand has limited leveraged lending to tackle rising house prices without hitting the rest of the economy. Glenn Stevens will be paying close attention to the outcome.

There have not been many instances in the past decade or so where economic policy changes in New Zealand have presented a template or lead for Australia. After all, New Zealand is only just recovering from a recession that Australia never experienced, it’s per capita GDP is more than 40 per cent lower than in Australia and it has net government debt at 36 per cent of GDP compared with Australia’s 12 per cent.

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