I have a feeling the following scenario might happen this year.
Young people can't afford to buy housing, because a lot of them spend everything they earn to look trendy and have a nice car, go to restaurants a couple of times a week and live in the right part of town. So they rent. Rents are going through the roof in most capital cities, so these spenders decide to cut back on designer jeans etc. (there is no way they will move out of South Yarra, Albert Park, etc.). These young people represent a very large part of the spending population. The recession will begin with the coffee shops, the expensive clothing and designer shops, and the restaurants. When you notice these stores closing down, that will be the start of the recession.
