Gareth Spence
speaker
154 appearances
1 recordings
1 series
first heard Oct 2025
last heard 31 Oct
Gareth Spence’s voice in public audio — every appearance, attributed to the second.
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Appearances
But particularly New South Wales.
Um
And maybe increasingly so, you know, in those smaller capitals of Perth Adelaide and Brisbane where prices have risen just so strongly, right?
Up you know, eighty, ninety percent over the last five years or so.
I think, you know, something that is quite material.
So, you know, we don't think, you know, even though inflation has moderated, prices will fall here.
And so we need real incomes to kind of keep growing.
But what we do know is that certainly house prices and the proportion of what people spend
their income on on housing is, you know, increasing quite substantially and is is is quite high in Australia.
So ultimately, yes, I think, you know, that is something that that could constrain.
Uh you know, consumption going forward.
And in fact, is actually something we've been thinking about again, even pre pandemic, right, where house prices had risen quite strongly in the five years to to twenty
I think that's certainly been the case in Australia.
That's as Doug sort of said, you know, the world's been through this.
It's it's happened for a while in Australia, but you know, kind of particularly over the last uh couple of years where, you know, actually quite a lot of our employment has been driven uh, you know, by the health, uh the education sectors, kind of those non market facing things.
And as you say, right, we just know that they're just a bit harder to get that productivity growth from doesn't mean they're not essential services.
And they're not kind of important, but you know, sort of in that measured sense, it has been soft.
I think the other big dynamic on productivity for Australia is something that, you know, maybe we we could have predicted a little more in a sense.
But you know, we we went through the mining boom kind of you know around 2012 in iron ore and coal, and then we kind of had the gas boom a little bit later than that.
And so, you know, what we saw was really a big boost to measured kind of productivity as as
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