Don’t they ever read? The media loves a good Reserve Bank warning, so the new Financial Stability Review from the central bank produced the now-standard frothing and bubbling in print and broadcast outlets yesterday and this morning about the latest commentary on the dangers of hot house prices and lending. Don’t the media ever read previous reviews? Remember how the RBA generated headlines in the September review last year when it used the word "unbalanced" for the first time in a very stark warning about the dangers of a house lending boom? Here’s what the bank said in September in the review’s foreword:

"... the composition of housing and mortgage markets is becoming unbalanced, with new lending to investors being out of proportion to rental housing’s share of the housing stock. Both construction and lending activity are increasingly concentrated in Sydney and Melbourne, where prices have also risen the most.”