The research is quite sound. On the 2nd page :
Households are under more financial strain than the official data suggest. It is not just a slowing mining capex cycle that we need to contend with we must also deal with household de-leveraging.
Moreover, we think that the RBA is now too far behind the curve to prevent a *** major slowdown in 2013 ***.
It's also looking increasingly unlikely Wayne Swan will be able to prop up the bubble anymore, so it may be all downhill from now on.
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