I am the first to admit that I know little about Australia, other than that many South Africans have made it their home over the past few years and that the Aussies are as sports crazy as South Africans. I am also cognizant of the fact that the country has high debt levels and a huge exposure to resources and China. However, what I was unaware of are the bubble proportions that exist in Australia’s housing market, as illustrated by the graph below, courtesy of Steve Keen’s Debtwatch (via Clusterstock – Business Insider).
Is this a picture one should worry about? Let’s throw it open for discussion and hear the comments from our readers, especially those from Down Under.
Source: Clusterstock – Business Insider, May 28, 2010.
