we can look at the risk of a housing bust this way... even if...

we can look at the risk of a housing bust this way... even if the odds are 1 in 10 .. we need to consider the enormity of what is at stake here.

Any measures that can prevent the risk of a housing bust has the added benefit of making housing affordable and within reach.
People aspiring to own a house shouldn;t have to pray for a housing bust - for others to suffer a heartache so that they can afford one.

It would be a win win for everyone - including Australia to have a coordinated plan which aims at affordable housing and reducing the risk of property and debt bubbles - which can lead to pain.

Up to now all we have seen are policies that have aimed to perpetuate the bubble and keep people from owning their own home. This is ridiculous.
So is the idea that China will aways keep us out of harm's way - China could very well be where the next crisis starts.

Put it this way - here's a crude analogy ..
A self created asteroid has been spotted heading its way towards Australia.

There's a good chance that it can miss us.
We can blissfully ignore it - or take some prudent and timely action to deflect its course.

We can't control what is happening with China or the rest of the world - so wouldn't it be wise to at least control what we can -
i.e. our private debt levels in order to mitigate risk of property bubbles and looming busts - especially when this also has the extra benefit of making housing more affordable - why do we choose the other course which is causing pain now (to people that can't afford a home) and could likely wipe out in a future property bust.

We are all losers if we can't/don't control private debt levels.