The Australian published an incredibly long-winded (2,026 word) defence of the housing bubble over the weekend, entitled “Safe as houses: why the bubble is no trouble”, denigrating those of us warning of a housing bubble and arguing that the construction boom is the best thing to happen since the mining boom:
Instead of fearing the housing boom, Australians should really think of it as the best thing to happen to our economy since the mining boom. While many Western countries are gripped by deflation, surging house prices in Australia are proving to be a powerful driver of investment and growth.
