[TheSpiceIsLife]

That's definitely true, to some extent at least.

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

[hardcandy]

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.