"In a commentary on the Australian Financial Review, industry watcher and Pimco managing director Robert Mead said Australia remained dependent on mining and housing industries in the past 20 years and as such lacks new growth propellers to keep up with the US's growing technology and innovation industries.
"Over this same 20-year period, Australian households have amassed significantly more debt than their US cousins. Household debt to GDP has increased from around 60% to 80% in the US, whilst Australian household debt relative to GDP has risen from around the same starting point to more than 130%," Mead explained.
He noted that while the mining sector is expected to be an important economic driver for Australia, housing is projected to become a burden, as the industry suffers higher property prices and ballooning household debt levels."
https://www.yourmortgage.com.au/mortgage-news/australian-housing-boom-may-turn-into-a-burden/244133/
