Jim Chalmers and the Reserve Bank are engaged in a tit-for-tat Punch and Judy show over who’s more culpable for this year’s housing market downturn. “My view is you shouldn’t judge the housing market by volatility over a period of a few months,” he told ABC Radio National on Wednesday. Westpac chief executive Anthony Miller told The Nightly Labor’s Budget tax changes had killed momentum in the housing market. “Borrowing capacity impacted by higher interest rates and Federal Budget tax reform changes,” CBA’s full-year investor presentation said on Wednesday. Since the May Budget, prices have fallen by 0.7 per cent in Brisbane and by 0.4 per cent in Adelaide and Perth from their recent peaks.