‘Nothing we can do’: The RBA says it is not to blame for soaring house prices. So who is?

Higher interest rates won't solve our house price crisis, says RBA governor Philip Lowe. Photo: TND

Ask Reserve Bank governor Philip Lowe why house prices are so high and you’ll get a telling response.

The RBA freely admits that record-low interest rates have created a cheap money binge that’s lit a fire under house prices during COVID, allowing people to bid up prices at auction and largely killing the Australian dream for many others in the process.