No housing bubble in Australia, say heads of big banks

Sydney

SOARING home prices in Australia's biggest cities don't necessarily mean the country is in the grip of a housing bubble, according to the heads of the nation's biggest banks.

Testifying before a parliamentary committee, the chief executives of National Australia Bank Ltd, Westpac Banking Corp and Commonwealth Bank of Australia all said that while they are worried about elements of the housing market, prices aren't over-inflated.