Opinion

Housing, an avalanche of money and RBNZ policy

Jenny Ruth
Mon, 06 Jun 2022

Housing, an avalanche of money and RBNZ policy
The weight of money helped create the housing bubble. (Image: DepositPhotos)
Jenny Ruth
Mon, 06 Jun 2022
If you want to understand why our housing market went so crazy, look no further than the fact that New Zealand’s banks collectively lent $25.27 billion of new money on housing in the year ended March.That was more than 83% of their total new lending in the year of $30.33b, according to the data published last week on the Reserve Bank’s bank financial strength dashboard.So, less than 17% of bank lending went to businesses, farmers and for other purposes.*That doesn’t look like a sustainable or desirable state of affairs to me.T...

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