I agree there are obscene amounts of money everywhere --- but Australia also has the highest private debt levels in the world, also the ratio between the rich and poor (relative term) is becoming far greater
The next item is the almost total lack of spending control by many people, they are throwing money around like the proverbial drunken sailors and do not appear to have any conception of saving or good economic control
Many people are receiving almost obscene salaries for doing menial clerical or administrative tasks, more money than they have ever seen before and this engenders a "don't care mentality"
So today's economic reality is far removed from that of 30 years (and more) ago, so to compare then and now is very hard, we need a different way to gauge what is normal, the property market simply cannot continue to boom and there must be a halt at some stage, when is still a guess because conditions have changed so much.
