We can not hide from it it will get worse in the last quarter superannuation funds have issued warnings of a minus 4% dividend for this year.
Banks increase interest by more than the official rate rise and major finance company's all over the world trade with losses in share values as high as 15%
One morning we may wake up and find world markets lost that much over night.
America is trying to buy its way out of recession with who's money?
The good times seem close to ending how bad will it get?

While most of us are not yet suffering many are.
Many more will be by the time we say good by to this year, far too many more.
Our mining boom is keeping us afloat but has not helped with this country's balance of payments.
Just like our country many are spending more than they make.
The bills can not forever be ignored, to think the house prices might yet rise again soon is to wait in vain.
Share prices too do not go up forever and the average 10% per year rise was long over due for a correction.
We are faced with a shortage of workers, jobs exist for almost every one but this is a different type of recession a true credit squeeze one that will impact on us all.

Belly

There are none so deaf as those that will not hear!

The banks have borrowed foreign money to enable us to under employ and not bother to educate people, while at the same time importing high tech goods for a pittance.

The banks have loaned the Aussie dollars to us and we have bid up the price of most significant assets (real estate and shares) to ridiculous levels.

The yanks have done the same but because their government borrowed some of their money, not to such a great extent.

Our continuous current account deficits for the last 33 years are now going to hurt.

Good luck everyone!

Well said but even you undervalued the true trouble we are in!
America has printed more money as an answer ,even loaned money on loans that bought about the credit problems.
Lent real money on loans without true value , but only for a limited time?
Mining boom? yes we have one, but even with it we spend more than we earn as a nation.
China and middle east oil rich country's own much of international debt, what if they call it in this day?
Right now in some parts of our country people are paying 40 year loans on homes that are over valued and who can say how they pay so much for so long?
Look back not much further than 40 years into our past and see real recessions and mass unemployment.
Why should we think it will not happen again?