Japan is a bankrupt nation with government debt something like 240% GDP and the banks owning a far portion of stock markets.
What is interesting in Australia is a lot of work relates to housing so when housing stops, and it has to stop as the jobs/income are not there, housing has to slow irrespective of prices as there is no income to support it. In fact arguably rising prices especially housing has fuelled demand somewhat but this can no longer continue after housing prices and debt have gone parabolic. So when housing comes close to a stop unemployment will rise chopping incomes down even more making the downturn even more severe!!!!
