Will the Reserve Bank blink on inflation as the property market slows?

Is this the beginning of the great unravelling? Australian real estate and the glorified building societies that back it — sorry, our big banks — are on the turn. And the blame is being sheeted squarely at the tax changes announced in the May budget, which wound back some of the excesses that had helped drive a 25-year property market boom. Was it a bubble? Quite possibly. At the very least it was on the cusp of fundamentally altering the structure of Australian society by creating a permanent class of landowners that would all but exclude anyone not born into…