debt levels both private and public.Until such time interest rates are set by the market to reflect risk the death dive will continue unabated. Young relatives recently put down a deposit on a shitty $170,000, 600 m2 block of land. God almighty I'm thinking. This is just indentured slavery of our young people. Casualisation of our workforce, destruction of our manufacturing industries and the financial export (ownership) of the inherent wealth tied up in our farming and primary production industries. Yet we pump more air into the housing bubble, so that Mr Swan can climb on top of it, look around and tell us everything is ok. Sure, everything is ok, if you believe it's perfectly natural to be so indebted to the point that it consumes your entire life! And the full-force of the European debt tsunami is yet to crash over the Chinese sea-wall and inundate the mortgage flood-plains of debt-ridden middle and lower class Australia.