Its probably going to get worst with the carbon tax. We pay astonomical charges for phone, council, rates, water electricity, transport, medical insurance. There is going to be a breaking point somewhere.
Therefore we could really argue that the housing boom has been caused by the government not releasing enough land because they want to keep prices high. The "lobbyist" in australia (realestate industry) have caused a large household asset bubble funded by debt.
About four years ago I pointed out to agents that realestate in Adelaide is more expensive than New York, if you took into account its geographical significance.
1600 electricity 1200 for water 1200 insurance 25k rent 8k car 2k phone/internet 7k food
Total of standard expenses is $46,000 for every household. If you are on the average weekly wage of $50k with kids your in seroius trouble. If you are on the median wage of $40,000 you are finished.
