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regular room but it looks like tail end of last tail end of this year i should say so yeah i mean there's nothing necessarily surprising there either because it's it's what markets are anticipating it's kind of what we know if the economy does start to pick up we'll probably see a bit more inflationary pressure and you'd want to
take away some of that monetary stimulus that we've got now.
So they use the phrase settings will gradually normalize.
So implies a steady return to sort of about that 3% mark over a series of months.
So yeah, I guess a bit for everyone, as I say, I mean, if you were in the camp that says, OK, no rush to tighten, well, you've definitely got that because they're not suggesting any rush to tighten.
but also if you were saying okay well i think they'll start tightening this year well you know that's that's in there as well so yeah i'd call it i'd call it um you know as expected um pretty pretty steady you know nothing sort of shocking in there the language seemed the same so um yeah i guess we'll kind of you know digest it and move on
I'll just, I guess, what might happen to mortgage rates?
I mean, the banks have probably been reacting ahead of this anyway, so I think it probably just kind of backs up what they had expected to happen.
So, you know, not necessarily a reaction in mortgage rates, I don't suppose.
They've already lifted a little bit across some of those terms recently, and I think that just probably is what they've done today with that change in the OCR track, just sort of
you know backs up what's already happened from actual mortgage rates so yeah that's that's part of when we've already touched on the house price outlook I guess it's there's still a sort of balance out there with yeah you know sort of some some financing benefits to come through as people roll off higher mortgage rates but
still a cautious attitude at the same time.
And maybe the labour market doesn't really turn around sharply for three to six months yet.
That keeps a bit of a lid on things.
And then you've also got things like DTIs.
You've got a rise in the stock of housing versus our population lately.
So yeah, it's hard to disagree with that Reserve Bank outlook that the housing market does remain pretty muted.
You could quibble about the exact numbers, but the overall tone is that we're not going to see a lot of house price growth really for
for this year, maybe even into next year.
So yeah, it's hard to disagree with that.