In The AFR I argue that the only genuine long-term policy solution to Australia's burgeoning housing debt crisis is allowing home owners to properly deleverage their balance-sheets through drawing on a safer mix of external equity and debt finance just like listed companies and commercial property owners use. Our research has previously shown that an unlevered single family home with no debt has the same volatility as the equities market---when you then layer on top of this asset 10 to 20 times leverage, which is common for a first time buyer with a 5%-10% equity deposit, you are taking on insane amounts of financial risk with much more volatility than listed shares that is an artefact of a financial system that deploys vast government guarantees of banks to make debt rather than equity the funding solution of choice for residential property investors. Free  (VIEW LINK)