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Staff Reporter
The recent hikes in interest rates demonstrate the need for both the government and big four banks to work together to address housing affordability issues, First National chief executive officer Ray Ellis has said.
"There seems to be so much debate going on about the market, but no real communication between the banks and the government, and between them they are the ones with the power to fix the property market problems," Mr Ellis said.
Mr Ellis said the government should be looking to influence affordability and supply by reducing or abolishing stamp duties, abolishing exit fees, introducing more competition into the banking sector and looking at policies that will stimulate the construction industry.
"Interest rates on their own are not the problem. We need to have a look at all the factors affecting the property market: planning approvals, interest rates, fees and charges, everything all at once rather than this piecemeal approach," Mr Ellis said.
"We need political leaders who have the fortitude and imagination to reform property taxes and the banking sector if there is any hope of addressing affordability issues," he said.
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