It may not be a crisis but it is a serious problem.
The housing sector has sucked up so much capital that there are precious few industries left in Australia. There has been next to no investment elsewhere outside of resource extraction.
What does that mean when the next downturn in the business cycle comes ? Unemployment will soar. As soon as night follows day, a capital importing, resources based economy will always be a boom bust economy. It just hasn't been for the last 20 years.
And to those of you who suggest that there will not be a downturn in the business cycle ..... I humbly suggest that you are deluded.
