Reserve Bank Deputy Governor Guy Debelle (Image: AAP/Dean Lewins)

The Reserve Bank says all levels of government will have to tackle equity issues arising from surging house prices.

In a major speech on Thursday night, Reserve Bank (RBA) Deputy Governor Guy Debelle made it clear the central bank will not intervene to curb or control house prices -- and made the telling point that there was a trade off between a housing boom -- which we have now -- and employment that met questions of equity in other ways.

Concern about house prices is rising as investors replace first home buyers in a booming housing market, taking advantage of low interest rates and taxpayer subsidies via negative gearing. The recent increase in housing affordability fueled by near-zero interest rates and a brief dip in house prices is now going into reverse after the end of the HomeBuilder package.