Australia’s “spectacular housing bubble” needs to be addressed - Citi

Willem Buiter, Citigroup Inc.’s chief economist, told reporters in Sydney Wednesday, Australia is experiencing a “spectacular housing bubble” and requires cooling measures at the earliest.

Key Quotes via Bloomberg:

"It had better be focused on immediately, to try and tether a soft housing landing.” 

“Clearly if these things are not managed well they can be a trigger for a cyclical downturn.”

"The good news for Australia is of course that its performance is the best of any advanced economy.”

“You still have a little bit of monetary policy elbow room left and, as far as I can tell, a lot of fiscal elbow room left."