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Australia's "irrational exuberance" an economic risk: PIMCO

Australian households are exhibiting "irrational exuberance" by getting into too much debt and placing little weight on unemployment or returns, which means that an external shock would be severe for the economy, PIMCO said.

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Read more: AustraliaPIMCOHousehold debtAaditya ThakurGDP growthInvestmentLaura RyanQICReserve BankUnited States