Australia is being fueled by huge external stimulus from China, which won't last forever. It's not the best example to use. Some of the mature European democracies provide much more useful data.
This[1] says "The mining sector represents 7%[31] of GDP; including services to mining, the total value of the Mining Industry in 2009-10 was 8.4% of GDP.", and "Despite the recent decline of the mining boom in the country, the Australian economy has remained resilient and stable." - We'll see how long that lasts. It's certainly given me pause when considering to take out a home loan. Am I going to have a job in 5 years time?
From my friends in Australia (academic economists) I hear that China's impact on housing now exceeds the impact on any other sector. Australia has effectively become mainland China's money laundering hub.
This[1] says "The mining sector represents 7%[31] of GDP; including services to mining, the total value of the Mining Industry in 2009-10 was 8.4% of GDP.", and "Despite the recent decline of the mining boom in the country, the Australian economy has remained resilient and stable." - We'll see how long that lasts. It's certainly given me pause when considering to take out a home loan. Am I going to have a job in 5 years time?
1. https://en.wikipedia.org/wiki/Economy_of_Australia