Actually Bruce, Pt 3 - Howard de-regulated the banks to the max and allowed free hand to set their own rates, resulted in cartel communications to keep rates artificially high, and allowed interest-only payments so that income could equal a higher level of debt. Home buyers were duped into taking more debt than they could afford, even encouraged to buy more property.
This also resulted in the massive surge in investor loans which pushed house prices ever higher and out of reach of the average Aus - unless they could take higher debt - back to start... debt cycle spirals ever higher and out of control.
I could take you to task on the points as well but I'll leave this for the starter.
