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Australian treasury warns of housing bubble

Posted on 22 November 2010

From Theaustralian.com.au: A senior Treasury official has sounded the alarm over Australia’s property market. He has warned that the prospect of a sudden and dramatic drop in prices is “the elephant in the room” and should not be ignored by the federal government.
While the government and Reserve Bank insist Australia does not have a housing bubble - as some economists and the International Monetary Fund suggest - it remains such a worrying concept that Treasury has privately sought reassurance from its analysts that prices are not artificially high and that Australia does not face the kind of house price collapse that has hit Britain and the US………………………………………..Full Article: Source


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