... the great consumer crash of 2009 ..., page-32

In terms of the above question about Australian Household Savings rates - we're actually one of the worst in the industrialised world.

Graph here:

http://www.swivel.com/graphs/show/10676201

Check out the OECD report the graph is based on:

"Over the period covered in the table, saving rates have been stable or rising in Austria, France, Italy, Norway and Portugal but have been falling in the other countries. Particularly sharp declines occurred in Australia, Canada, Japan, the United Kingdom and the United States. Negative saving - which means that consumption expenditures by households exceeded their income - was recorded in some countries, in particular in Australia, Denmark, Greece and New Zealand."

http://caliban.sourceoecd.org/vl=1846079/cl=11/nw=1/rpsv/factbook/020202.htm

Fortunately, unlike the US, we run a budget surplus. But as a nation in terms of saving we're spending all we have and then some.