Scott Morrison will become Australia’s next prime minister after beating Peter Dutton in a partyroom contest for the Liberal Party leadership today in Canberra.
In June, Morrison sat down for a wide-ranging interview on Business Insider Australia’s Devils and Details podcast to talk about his assessment of the economy, the mix of economic growth, and the risk in the property market — which is one of the biggest questions hanging over voters’ minds as they watch continuing price declines in housing markets around the country.
It is a detailed and extensive chat which provides some insight into how Australia’s next PM thinks about a range of issues.
Morrison said the run-up in Australian house prices over recent years was “not the function of some sort of investor bubble, or some finance bubble”.
In terms of the impact of prospective interest rate rises, Morrison said: “What would be the risks of the banks [raising rates]? One of the really positive features of the Australian housing finance market is the fact that we have an insulation…”.
He said this was because homeowners are “about, on average, two and a half years ahead of payments on mortgages and that’s how people have largely been significantly saving. As the rates fell, they kept paying at the same rate, built up their balances, and so they’re a few years ahead, on average.”
You can listen to the interview below, find it online here, on iTunes here, or in the back catalogue under “Devils and Details” on iTunes or wherever you get your podcasts.
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