From Rational Radical;

A once diverse and dynamic economy and society was completely transformed into a one-trick pony, funneling diminishing mineral wealth into dangerously inflated asset prices, with private debt tapped out, a deeply souring cultural psyche, and darkening economic clouds on the horizon.

A country that has for a long time claimed bragging rights for the strength of its economy, now has its taxpayers spend 20 times more on subsidising unproductive loss-making investment in established housing than it does on subsidising new business and innovation. Let’s not kid ourselves, we are sunk folks.

Quite a long article, and a very recommended read.