Hate to sound like a hard right nutter , but it is quite obvious for Australia to grow its economy there needs to be some adjustments! I anticipate a dawdling continuing adjustment to commercial(as in office) and some retail rents and prices, and some residential areas as well, with tourist hotspots and overvalued city suburbs to bear the brunt - I do not have the knowledge to pick those areas, but areas with a high number of overseas students as well as the tourist areas would be foremost. Electricity prices are in process of downward adjustment also.
Now for the controversial part - Labor costs - unlikely to happen to any great extent , but labor should be allowed to find more of a natural level- people will hopefully save on rentals and hopefully power, gas, fuel and interest rates -why not go the whole hog??
some labor costs will be saved by business by the extra availability, but for us to get our economy really going with more manufacturing etc we need more deregulation!
