pretty young thing at the bank., page-45

.."these days there are no property bears in USA, UK, Ireland.."

Sounds just like the sentiment in those nations during the peak of house prices some 6 years ago. Similar complacency may lead to the next wave down in house prices.

And that's when Australia's own debt deflation would intensify forcing the RBA to slash rates all the way down towards 0% as they chase the market, and follow the world's major central banks, on a deflationary spiral.