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

A new report from a group of academics correctly diagnoses that Australia's obsession with housing and the pandemic housing boom has worsened inequality, increased the risk of instability and diminished productivity and growth.

The team, led by UNSW, University of Glasgow and University of South Australia researchers, wants a more coherent and higher-level housing policy that reflects its economic, as well as social, importance.

But one of their key recommendations badly misses the mark: that the government should "expand the formal accountabilities of the RBA [Reserve Bank] to include maintaining a more price-stable and well-functioning housing market".