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Skimmed through your 5 part (or was it 4) article.  I normally read the conclusion, then back read to find supporting evidence.

Your article has no conclusion - other than Aussie economy lost diversity and relies too much on real estate and primary resources.  It would be good if you quantify your ideas - or at least link / correlate them, instead of just blasting them out.  Lot of graphs and facts.... eg foreign students were up, but now they are down.

re Westpac.  If you value WBC at HALF their current price then you must believe their revenue/profit will halve.  Could I offer:  if the value of WBC loan book halves, I guess the value of all property in Australia has halved.  I used to believe firmly in that hard landing.  But I think the govt will do all possible to slowly, slowly deflate the bubble.  In fact, if there is a panic down in property, our Fed has 1.5% easing it can do.  And I will bet my last dollar if the property values in Aussie halve, then twice as many mortgages will be taken out, thankfully by the current generation that have no hope to own a property.

My call:  The House of Cards is glued together.  It cannot grow and it cannot fall.  In three years we will be here, with the banks at current levels, franked divies at current levels, and wondering what the next three years will bring.  So, since inflation will be nil.  And you cannot make money in property or bonds.  The ASX cash cows will be in favour another three years.  If inflation is under 2% and your bank cash profit makes you 6 to 8& (backed by the govt - they will not let them fail).

Of course, the property prices will have fallen 20%, but a nice 1/2 percent a month for a total of 40 months.  Since they went up like 60 or 70% over 3 or 4 years, who cares if they fall 20% over 4 years.

Now where will the banks expand (back) into.... that superannuation honey pot needs some minding.  Once banks are off the nose, they will happily looking after that (honestly, and properly... for some income)

Now, I thought a crash, the end event of 2009 would come.  But, fair dinkum the governments and central banks have worked out how to con everybody.  Wages will never rise.  Generations will live hand to mouth.  In short, industry and economies have slaves now.  Compare this decade to the 1950s or 1960s.  The world has gone completely backwards.  People are in survival mode, not family, quality of life, growth mode.  We had 50 years of Ponzi.  Now we have 50 years in front of us as Zombie Economies.

I am sure all the facts in your article are true.  But when the banksters and Feds have worked out how to never crash and always print money and have interest rates at zero (I can personally owe a trillion if interest rate is zero and I never need to pay any principal - and that is where we are - or CAN BE AGAIN - if needed)

Now all I said is the 95% probability.  But if the 5% comes along, that will be interesting.  But even then, it will be Hyper INFLATION.  You know the Feds will err on the side of printing money and zero interest rates.  So there is 95% chance of Zombie land for decades.  And 5% chance of Hyper Inflation.  But I could be wrong, but I know no data / facts that point to any other possibility.  Deflation crash - no way.

(please any reader, DO NOT  invest on my thoughts, they are just my thoughts)