Immigration gives the appearance of a good economy (desptite productivity stagnation) and booming house prices pleases the National Party support base. As for the mushrooming property debt, when the next move for interest rates is probably upwards...is that a problem for another day?

I would have thought that the first sign of flattening property market should be relief and not result in trying to encourage even more housing debt. The fact that first home buyers find it difficult to enter the market is the result of years of inaction from the government. Yet, the Reserve Bank is being scape-goated?