Check our debt levels to gdp and our house prices compared to the USA's at this link.,..we have household debt as a % of income running at 160% the US is 130%...we have doubled our debt since 2001 whilst the US has risen maybe 50%...incredible.
The look at our house price graph compared to the US where we are 50% higher...if the credit crisis hits here then you could expect AUS house price falls to be more serious than the US ...scary thought...one thing that is a constant is the debt people have...whether your house rises or falls your debt stays the same...tought times when your debt is significantly higher than the asset and interest rates are rising. We should get another rise next week and May is starting to look good for another rise looking at the 90 day bank bills
