From the IMF today:
These charts are meant to reassure that it’s all under control. But what I find most important about the chart on the left is the trigger point for the great Australian housing bubble was the turn of the Millennium. The reason was Peter Costello’s halving of the capital gains tax on property in 1999 which combined with negative gearing to establish one of the greatest tax havens in the history of asset inflation.
Ever since then specufestor finance has frenzied into mortgages: