I don't think he got this right. The choice isn't between house buyers and the economy, it is between home owners and tenants or older asset owning generations versus younger generations wanting to get ahead.

The economy does not want to see rate rises either as this will drive up the $NZ making exporters less competitive and a lot of businesses are carrying debt and enjoying cheap capital.

The choice is now that not just asset prices are inflating but also consumer goods prices are rising, do you squeeze the tenant further with inflation or do you not back the asset owners/risk takers/job creators with loose monetary policy. Anyone buying a house on what has been described as an expensive market is taking a risk. Is it the NZRBs job to protect them or provide a sound stable currency. I know the NZRB is in their words "The Reserve Bank manages monetary policy to maintain price stability, promotes the maintenance of a sound and efficient financial system, and supplies New Zealand banknotes and coins." But central banks have been using monetary policy to protect risk takers from taking any losses at the expense of price stability and the maintenance of a sound efficient financial system.
The wealth effect and trickle down economics are bulls*it yet that seems to be what is driving the RBNZ and central banks around the world.

IMO it is wrong but it won't change any time soon 65% of NZ owns a house so they have no reason to get upset about this and we live in a democracy.

Please note any reference to the NZRB was not the royal ballet but my mixed up acronym.