"We (Australia) should be playing our own game, not blindly following what other countries do."
We could simply bury our heads under the sand? Chairperson at the Fed. Yellen most recent caution is that the US household debt is now direly about 79% of USA's GDP.
Let's not blindly follow the world's largest economy.
Playing our own game, has lead us to a point where we are the most indebted householders in the OECD (World?) at 123% of GDP