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The inside scoup on Residex comments was apparently to illicit a reaction from the Board and the media, which it obviously had. Markets now pricing in almost 125bps cut by this time next year. Nice work John!

We may not see the extent of subprime here in Oz simply because lenders weren't giving the unemployed 100% loans at 1% interest rates. Theres been a decent pick up in low and no docs in recent years but I would suggest the lending has been far from predatory. Whats probably a concern for us...