Things did get out of control there for a while and an adjustment was always going to be inevitable.

It's going to echo through the economic landscape for years to come though, the housing sector carried the country to a certain extent, especially when the mining boom slowed down. The artificially inflated housing prices were serving as bit of a buffer that obscured the true state of our economy.

With the drought, the downturn in mining (it's picking up in some areas though) and a largely eroded manufacturing sector we are starting to look a lot less rosy than we did 10 years ago.