No doubt there is the obvious display of utter shell shock of some as evident in their denial and clutching at the cook-the-books mickey-mouse auction stats straw from the REIV.
I agree real clearance in Melbourne is in the 40's.
Again, Treasury is so shocked about the rapid deterioration of the bubble that I think the story in the australian was deliberately leaked to highlight the panic behind the scenes.
Now that the Treasury is spooked, get ready for higher overseas cost of funding and HIGHER interest rates.
