Please click here to view Shane Oliver's views on the current state of the Australian property market.

The key points raised are :

• The Australian property market remains far more complicated than optimists and doomsters potray it to be.
• Australian housing is expensive and highly indebted,  but it's very diverse, mortgage arrears remains low,  interest rates still matter, but it's been chronically undersupplied for years, forecasting home prices is very hard, and housing has similar long term investment returns to shares.
• The surge in immigration is estimated to push the housing shortfall to around 200,000 dwellings this financial year.
• Price gains are expected to be around 5% this year with high rates dragging but the supply shortfall supporting prices.
• The risks are finely balanced.