19 Jun 2013

PNG ponders housing market regulation

7:07 pm on 19 June 2013

Papua New Guinea's treasury department is considering a recommendation to regulate house prices in the country.

The Treasurer, Don Polye, says he has asked his department to examine a recommendation by PNG's Independent Consumer and Competition Commission to regulate the nation's housing market.

Mr Polye says while he believes in competition, there has to be regulation where it's necessary.

The annual rate of inflation slowed to 2.2 percent in 2012, but some analysts believe it will pick up to an average of 6.3 percent between 2013 and 2017.

PNG is undergoing a massive investment boom thanks to resource projects amid projection GDP growth could surge to 15 percent within two years.