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Housing Interest Rate Deregulation and the Campbell Report

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  • ROBERT ALBON
  • JOHN PIGGOTT

Abstract

It is argued that deregulation of housing interest rates would, under plausible assumptions, substantially increase the cost of housing finance in Australia, contrary to the impression created by the Final Report of the Australian Financial System Inquiry (the Campbell Report). Characteristics of the market for owner‐occupier housing finance, on both the demand and supply sides, suggest that the deregulated market rate will be approximately equal to the uncontrolled rate under regulation. The weighted average interest rate for owner‐occupier housing finance at December 1981 is more than three percentage points below the uncontrolled rate. The authors conclude that while this result does not of itself constitute an argument against deregulation, it does imply that deregulation would have a substantial distributional impact.

Suggested Citation

  • Robert Albon & John Piggott, 1983. "Housing Interest Rate Deregulation and the Campbell Report," The Economic Record, The Economic Society of Australia, vol. 59(1), pages 80-87, March.
    • Handle: RePEc:bla:ecorec:v:59:y:1983:i:1:p:80-87
    DOI: 10.1111/j.1475-4932.1983.tb00582.x
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    References listed on IDEAS

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    1. Browning, Edgar K & Culbertson, William Patton, Jr, 1974. "A Theory of Black Markets under Price Control: Competition and Monopoly," Economic Inquiry, Western Economic Association International, vol. 12(2), pages 175-189, June.
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    1. Roslyn Anstie & Christopher Findlay & Ian Harper, 1983. "The Impact of Inflation and Taxation on Tenure Choice and the Redistributive Effects of Home‐Mortgage Interest Rate ReguIation," The Economic Record, The Economic Society of Australia, vol. 59(2), pages 105-110, June.

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