The Australian Housing Bubble

In Australia, it's like we've just been towing the line for decades and the cycles have been managed by regulators quite adroitly. It's a weird old housing bubble, the Aussie one. Why is that? A lot of the other housing bubbles historically have ended endogenously. They've kind of hit the ceiling and then crashed. I don't see any real distress selling in this. If my base case is right, we have really sharp retrenchment of activity, a big jump in the jobless rate, but it's relatively temporary. We've got a vaccine in 12 months. And we've got three months of very weak activity, but followed by three months