I’ve been down on Australia since they laid a punitive tax on their major industry, mining. Immediately after that tax was hiked, all the major mining companies announced they were scaling back or canceling their expansion plans, so there goes that source of income. Now, courtesy of BusinessInsider, there’s this fun chart showing the extent of Australia’s housing bubble. Whoo boy, should be fun times down under.
UPDATE: Just noticed that the chart’s dated 2009. I don’t believe the Aussie housing market has corrected yet, in which case it’s even more overdue for a crash, but I’ll check.