Paul Schroder

prices and housing valuations underpin the entire banking system.

So there's $12 trillion worth of housing in Australia.

About a third of it's got a mortgage.

Every one of those mortgages is underpinned by what a house is worth.

So even when people get together and say, we want to improve housing affordability and we want to reduce the price of housing, it's actually nonsense.

Because APRA...

the regulatory environment, mortgage system, banking, the entire, every piece of journalism is underpinned by advertising that's dependent.

And a ton of your money.

Correct.

I'm not pointing the fingers at everybody.

I'm just saying the entire construct of the Australian economy is embedded in housing,

mortgage, book.

And so if you're going to deal with it, you can't just say, because everybody says, and it's right, land release, permitting, cheaper manufactured housing, get out of the way, get local councils out of the way, build, build.

But I say, build, baby, build, right?

You have to fundamentally arc up a supply.

But John Howard said, nobody wants their house to drop in value.

I'm saying the entire Australian economy is built on housing as its

crux.

And the best example is this, a capital allocation sense.

The US economy is worth $33 trillion or thereabouts.