In what seems like a duplicate of (which is part of the Canada’s bubble, Australia’s bubble is based on a China-driven commodities export boom commodities bubble), a severe housing bubble that is larger than the US housing bubble was at its peak, a household debt bubble and global “hot-money” investment inflows. Australian property and stock market investors have convinced themselves that “Australia is different” (aka the rules of economics don’t apply to them) as Australia’s commodities wealth will allow them to ride China’s economic coattails deep into the 21st century.

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