The Mother of All Bubbles

Housing bubbles can happen probabilistically to use your word a probable bubble. I wonder if you have any thoughts on the Australian housing market at the moment because my deep concern is that we're in the mother of all bubbles. The tools of public policy in this country have disproportionately favoured one particular asset class for investment and that's real estate. It's partly the emotional psychology of every Australian's right to earn their own home. But why should we as Australians with available capital simply assume that's the only way to make a quid? There's something about our culture which sends most of our capital in that direction rather than putting a slice of it into venture capital or getting behind good business ideas