ANZ Chief Executive Officer Phil Chronican says negative gearing is the key driver behind Australia’s “irrational obsession” with property. Is negative gearing the driver or is it people are looking for some diversification in their investment portfolios? With the Australian Share Market going nowhere, you can understand their thinking. Some Australians have always liked property. Is it irrational and is it negative gearing that drives this so call irrational obsession? I have to question that. Each of the assets classes go through cycles and have their day. Isn’t that why we diversify our investments?