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Crazy and entertaining quotes from government officials about the bubble
‘‘People feel that house prices in Australia are quite high and that’s quite often because the ratio of house prices to income that are published for Australia tend to focus mainly on prices in the cities, and they are quite elevated,’’ Mr Battellino said in response to a question at a business function in Sydney. ‘‘But, if you look across the whole country, the ratio of house prices to income is not that different from most other countries.’’

RBA deputy governor Ric Battellino No house price bubble: RBA external link

RBA head of financial stability Luci Ellis said in a speech that Australian house prices have recovered their small decline from 2008 to post increases of between about 12 to 15 per cent over the past year in capital cities, depending on the measure.

Ms Ellis said recent data suggested Australia does "not have a credit-fuelled speculative boom on our hands".
The Age 18 May 2010external link



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