The RBA is taking the flak where the greedy consumer and greedier banks are the culprits, however the govt. should take a huge part of the blame with regards to the tax system.
There should be more incentive for investors to go into more economically beneficial areas than housing, such as venture capital/stockmarket/private equity etc etc and there should also be the provision to index capital losses.
Unfortunately it looks like we are following the US into the mad cycle of 'economic prosperity' via asset price bubbles. The results are becoming evident.
