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Wednesday, 3 June 2020

UBS capitulates on bearish call

Housing stimulus incoming

UBS analysts have been bearish on Aussie housing seemingly forever-and-a-day now.

But not so much any more:

Source: UBS, via @cjoye

Renovations work is below where it was in 2004 despite the population ballooning by 6 million over that time.

The renovations stimulus would be highly stimulatory and UBS recognises that.

Morrison is of course a pro-property PM and would be delighted to hear it.