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LVR is proving effective.
But to sting the banks, the RBNZ needs also to act on RAR - reserve asset ratio. Makes it more attractive to lend to businesses rather than houses.
Meanwhile, I will go on record by saying we do not have a housing bubble - what we have is horrendous under supply and strong demand.
What we also have is price inflation by councils who are increasing their charges without restraint - that is the single biggest problem.
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