Nah I don’t expect much from the ETF. Maybe once the bull market really gets going but I expect it will be a rounding error in the grand scheme of things.

Aussies have always loved gambling, we even have our own casino games: https://en.m.wikipedia.org/wiki/Two-up

The market is half being driven by gambling and fervour (go check any news site in Aus and there will be articles about propadee) and half by foreign investment wanting to get their money into a country which is welcoming it with open arms and zero questions asked. Foreign investors (like this would have been) aren’t getting mortgages - they’re paying cash so rates don’t matter.