The Reserve Bank boss believes cutting back on negative gearing tax breaks is not the only answer to reining in investors' large share of the housing market.
RBA governor Glenn Stevens told a parliamentary committee on Friday that one tax should never be looked at in isolation.
"There are other aspects of the tax system too that also matter, capital gains tax, depreciation etc, all these things interact," Mr Stevens said.
"I can't help feeling it would be a mistake to just say we should or should not tweak negative gearing per se without thinking about the interaction of the various other bits."
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