bears say it like it is, page-20

Onera ... we disagree, I havnt seen un-employment rise as a pre requisite or cause of the RE bubble birsts in any of the following bubble pop casualty countries-

Spain, Ireland & Portugal...USA (in about 50% of effected states)

IMHO the un-employment has certainly blown out as a symtom of the Price deflation in these places...

I have spent a fair bit of time investigating trigger events in these countries, & have spent time there, I do agree with your point that, given another trigger event in isolation, EG a China Growth dip/or their own (vacant) property deflation, the Job position in Aus would be severely threatened in its own right