Totally agree, jantimot, we need to be prepared for iron ore...

Totally agree, jantimot, we need to be prepared for iron ore price going back to 2004 level or even lower, most other commodities will be similar. Thermal coal is the only one I can think of that will hold up a bit better( I mean drop the least). We have not had a recession for too long. Aussies seem forget there is such a thing in existence. With such a ridiculous level of private debt, it seems everyone is comfortable with it and thinks in next a few years wages will be much higher therefore debt will be much easier to service. Most property investors I know have totally no idea of macro- economy. The burst of the great china bubble will teach ausies a good lesson as a Chinese proverb saying: there is no banquet without an end.