Private debt levels in Australia will make a stagnant economy feel like a recession for most people of a certain age.
If you are old enough to have benefited from a booming property market, a generally appreciating share market and get the tax breaks which come from being older then good luck to you.
If you are younger, laden with debt, seen a stock market that has gone nowhere in 8 years and competing with foreigners for employment then I fear for your well-being.
The sad thing is that the mining boom could have been well managed but it wasn't and we now have nothing to show for it except a lot of politicians on 40 year pensions
