Eyes are currently on China as the next housing bubble to burst, but there may be another lurking to the south.
Broyhill Asset Management (via Market Folly) point out that Australia appears to be showing the same signs of bubble that the U.S. did prior to its collapse, and that its growth has continued long after the U.S. correction.
Australia has been able to keep up the bubble charade because of an easy credit period. Sounds somewhat familiar, no?
This is the most frightening slide from Keen's presentation:
Below is the full presentation. For best viewing view in full screen mode.
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Like Greece, Spain, and Ireland, Australia has a fiscal crisis going on as well
Here is a list of countries ranked by budget deficit as a percentage of GDP. Ireland is at 13.13%, Spain is at 10.79%, and Greece is at 10.51%. Australia is at 3.78%.
Here is a list of countries ranked by public debt as a percentage of GDP. Greece is at 108.10%, Ireland is at 63.70%, Spain is at 59.50%, and Australia is at 18.60%.
Those are 2009 numbers so they're probably all going to be slightly higher this year, but it seems pretty clear that one of these countries is not like the others.