Housing is a huge pending problemSo far in the 2020 Covid Depression, house prices have only edged lower.
But risks on house prices and therefore the economy are rapidly building.
Such circumstances, which Australia has never experienced in a widespread way, would spell deep trouble.
House price falls around that order of magnitude will smash household wealth, two-thirds of which is tied up in home ownership.
Pump priming is needed now to lift the performance of the economy and help jobs right now, but should spill over well into 2021 when the house prices risks are most acute.