Slikk,
I think it is the other way, in Australia it is mining leading financials.
If it is not for mining companies producing so much revenue for the Government and providing jobs, our housing market will not be relatively maintained, hence flow on effect on retailers and commercial properties.
Only because they are maintained, we can say our banks have strong assets.
Look at US, the housing market deteriates, that is worsening credit crisis because more bad loan has to be written off.
That is why you might hear a lot of news about our mining is weathering our economy.
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