Re your post which included; "... We are up to our eyeballs in debt, household debt is high, house prices are still coming down, and now the commodities boom is slowing. ...
Under John Howard private debt reached 160% of disposable income while the savings rate fell to zero [URL below]. Under Labor savings have risen to 10% of disposable income & although private debt has stopped growing it has only eased slightly.
According to economists like Steve Keen, Australia developed a massive housing price bubble during the Howard years [URL below]. By 2007 Keen was convinced that bubble would burst catastrophically by at least 40% within 5-10 years & even sold his own home.
But under Labor thus far it has cooled a little but certainly nothing like what has happened in the USA, Japan, UK or Spain. Prices in Sydnety appear to have stabilised & Melbourne is not far behind it. I admit that if the mining sector goes cold Perth may be in a bit of trouble though.
As for the commodities boom, you say you work in the mining industry so were you on holidays when the boom exploded after May 2008. The impact of that massive slump on our miners was profound - IPOs impossible, cap raisings everywhere, dividends gone, share prices slaughtered, massive fall in tax paid to govt. by the mining sector.
As for the slowing of the commodities boom, that's what Tony Abbott told us about GDP growth & jobs - to expect the worse, but low & behold, its 4.3%pa & +40,000 for May!
The mining sector is indeed very important to Australia. But our economy is not a one trick pony & may well already be experiencing a resurgence in agriculture, education, financial services & international research.
Victoria has almost no mining but despite the inept Baillieu Govt. is still plugging along & doing OK - no recession here!
