Is Australia’s housing bubble bigger than the one in the US?

Steve Keen answers.

The Australian housing bubble is categorically larger than the USA’s, though in standard bubblology talk, the main reason that it is—that it was far more a pure speculation on prices than the American bubble—is touted as one of the reasons that “Australia is different” and a crash won’t happen here.

Before I elaborate on that point, here’s the data.

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