The blonde lady is warbling.
Westpac managing director Gail Kelly says compound growth in house prices are over for good
AUSTRALIA is unlikely to ever see the housing boom that sparked a massive rise in personal wealth across the country in the past decade, Westpac managing director Gail Kelly told the economic forum in Brisbane yesterday.
In a closed session, Ms Kelly told business leaders that the years of compound growth in house prices were over for good.
She also said Australians were rejecting the high levels of debt that allowed them to borrow vast sums against the equity in their house.
Her comments were backed by Reserve Bank governor Glenn Stevens, who pointed out to business leaders that one of the main reasons Australians were so "grumpy'' was because of the dramatic change in the economy since the glory days of the housing boom.
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