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The mystery paper that could explain Australia's housing slump

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A new bestseller might be in the offing.

If the public could get its hands on it, that is. The Reserve Bank of Australia's board spent a chunk of its interest-rate meeting this month digesting a paper on the housing slump and what it foretells for that famous 27-year growth streak.

RBA governor Philip Lowe.Credit:Ben Rushton

Consideration of the paper, revealed in minutes of the RBA's February 5 conclave released Tuesday, may explain a lot. While the benchmark rate was kept at 1.5 per cent, Governor Philip Lowe wasted no time in jettisoning the bank's bias toward a rate hike. He did that the next day, in fact.

It's not uncommon for the RBA board to review papers of economic........

© Canberra Times