RBA worried it's close to stimulating a property bubble: Terry McCrann

New Limited economics columnist Terry McCrann says the RBA board is worried about a "property bubble.’’

He says the RBA is concerned that the only stimulus that would come from even lower rates was "to the second-hand property market and the bank accounts of real estate agents’’.

"In short, it's worried about "stimulating" a property bubble, McCrann wrote in his column today on the prospect of any further cash rate cuts.

He says the RBA ‘’is hostage’’ to what the US Federal Reserve does which will impact the US dollar and, indirectly, the Australian dollar.

The right moves would see our dollar slide to the 80s ‘’and hopefully stay there’’.

He says that would rule out any further rate cuts, although China was another wildcard.

McCrann is one of a less than a handful of economic commentators credited with insider RBA access.