We build an empirical model of the Australian housing market that quantifies interrelationships between construction, vacancies, rents and prices. We find that low interest rates (partly reflecting lower world long‐term rates) explain much of the rapid growth in housing prices and construction over the past few years. Another demand factor, high immigration, also helps explain the tight housing market and rapid growth in rents in the late 2000s. A large part of the effect of interest rates on dwelling investment, and hence GDP, works through housing prices.
Setting interest rates higher than macroeconomic conditions would warrant due to concerns about financial instability is called 'leaning against the wind'. Many recent papers have attempted to quantify and evaluate the effects of this policy. This paper summarises this research and applies the approach to Australia. The papers we survey see the benefit of leaning against the wind as avoiding financial crises, such as those that affected Australia in 1990 or other countries in 2008. Most of the international research finds that interest rates have too small an effect on the probability of a crisis for this benefit to be worth higher unemployment. Using Australian data, we find similar results. We estimate the costs of leaning against the wind to be three to eight times larger than the benefit of avoiding financial crises. However, research has not yet quantified the increased resilience of household balance sheets, which may be an extra benefit of leaning against the wind.
Larkin, P, Sortino, B, Carlon, T, Saunders, T, and Pane, C. Gender- and sport-specific normative anthropometric and physical values in talent-identified high school athletes. J Strength Cond Res 37(3): 606–615, 2023—Youth sport is associated with the identification and promotion of athletes within talent development pathways, with anthropometric and physical performance measures being key assessment and monitoring tools. To adequately evaluate performance within a population, normative reference data are needed; however, currently, there is limited normative values of talent-identified youth athletes. The aim of the current study is to present normative values of talent-identified youth sport academy athletes in relation to gender, age, and sport. Over a 5-year period, a total of 794 talent-identified youth athletes who attended a specialized school sports academy were assessed using anthropometric (i.e., heigh,; body mass) and physical performance (i.e., vertical jump, 20-m sprint, Yo-Yo intermittent recovery test 1) measures. In total, 451 male and 343 female athletes (grade 7: 12–13 years; grade 8: 13–14 years; grade 9: 14–15 years; grade 10: 15–16 years) were tested annually. The result demonstrates that for each gender, as age increases, there is a general increase in anthropometric measures (i.e., height and body mass). Furthermore, with increasing age, athletes generally have a higher vertical jump, faster sprint performance, and improved physical endurance. The results highlight sport-specific differences for each measure. Overall, the results of the study provides age-, gender-, and sport-specific normative data of talent-identified youth athletes. These findings provide representative performance profiles of talent-identified high school athletes, with the values potentially being used by coaching staff (i.e., head coaches, strength and conditioning coaches, rehabilitation staff) for comparison purposes.
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