Alan Oster: What Investors Must Watch Beyond the Headlines

Property decisions today hinge on interest rates, inflation, and housing demand — but what if the traditional signals we’ve all relied on no longer give the full picture?

In this episode, we sit down with Alan Oster, former Chief Economist of NAB and one of Australia’s most respected economic voices, to unpack what really matters in a housing market under stress.

Alan explains why GDP, unemployment, and even consumer surveys can mislead investors, and why real-time banking data has changed the game. He shares stories from decades of forecasting — including times when the “headline” numbers pointed in the wrong direction — and highlights the three signals he believes are most useful for understanding where housing is headed.

From the rental crisis to the impact of migration and state government land taxes, Alan dives into the structural pressures reshaping demand. He also addresses productivity stagnation, the future role of AI in jobs and housing, and why policy missteps continue to ripple through Australia’s economy.

Whether you’re a property investor, policymaker, or simply trying to understand what’s next for interest rates and housing demand, Alan offers candid insights you won’t hear in the headlines. This episode is a rare chance to learn from the economist who has shaped Australia’s forecasting for over three decades.

Episode Highlights:
00:00 – Introduction
00:22 – Meet Alan Oster: NAB’s Former Chief Economist
02:01 – Global Headwinds: US Politics, Tariffs & Trade
03:01 – Economics as Psychology: Market Reactions Explained
04:11 – Real-Time Banking Data Changes Forecasting
05:12 – COVID Lessons: Spending Falls by Postcode
06:30 – Hidden Stress: Households, Jobs & Policy Gaps
13:49 – Australia’s Productivity Problem Unpacked
15:35 – AI, Migration & the Future of Work
23:36 – Property Choices: Wealth, Debt & Investor Behaviour
26:10 – Land Taxes and Why Investors Are Selling
27:05 – Migration, Housing Supply & the Rental Crunch
28:22 – State Outlooks: Victoria, Adelaide, NSW & QLD
29:05 – How Banks View Mortgages & Housing Risk
31:45 – Productivity Growth Slows in Australia
33:55 – Policy Fixes: Tax Reform & Build-to-Rent
36:04 – Housing Market Costs, Supply & Gov’t Guarantees
37:34 – Lessons from Past Crises & Recessions
44:04 – Property Dumbo: Alan’s Downsizing Story

👥About the Guest👥
➼Alan Oster is one of Australia’s most trusted economic forecasters, best known for his 33 years as Chief Economist at NAB. During his tenure, he built NAB’s influential Monthly Business Survey and pioneered the use of real-time banking data to track household and business behaviour — insights now shared with the RBA, ABS, and Treasury.

Before joining NAB in 1992, Alan spent 15 years at Commonwealth Treasury, including four years in Paris as Australia’s representative at the OECD. Recognised as an authority on economic forecasting, monetary policy, and housing demand, he is a sought-after commentator in both public and private circles.

Alan retired from NAB in 2025 but continues to share his expertise, offering a rare blend of sharp economic analysis and practical insights for policymakers, businesses, and property investors alike.

🔗Connect with Alan🔗
➼ LinkedIn:   / alan-oster-245765238  
Resources
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