How to Define a Bubble

Chris Joy: I think we had a bubble and it was a bubble fueled by not ultra high rates of credit growth, but a period in which credit was expanding at multiples. He says the RBA attaches a rider that you need to be worried about debt-fueled bubbles. But if your debt to income ratio is 160%, and you've got credit growth that is running at say three times incomes, my view was that's a real issue. Chris Joy: There are measures on which, funnily enough, it doesn't look like a bubble.