PHOTO: A collapse in property prices will have a knock-on effect to the broader economy. ABC News: Patrick Stone

Twenty seven years without a recession tells you that policymakers have got a lot right.

But measures aimed at protecting an economy from disaster can lay the groundwork for future disasters.

The banking royal commission highlighted the lending excesses that helped fuel a property boom with the blessing of regulators and the Reserve Bank.

Policymakers saw the property market as a vital support when the economy was threatened by the end of the mining boom and the global financial crisis.