http://www.afr.com/news/economy/tra...n-australia-into-a-new-greece-20150719-gifyxh Our foreign net debt is now at almost a trillion dollar (60% of gdp) "The government in Canberra and the Reserve Bank of Australia had bet that depreciation in the value of the country's currency would help to offset the decline in its overbearing mining industry. However, that hasn't happened to the extent they would have wished. Although recent surveys of business confidence have been encouraging, outside mining the economy appears hopelessly weighted to the only other area of significant growth, real estate. The problem is that Australia, after decades of effort to diversify, is looking ever more like a petrodollar economy of the Middle East, but without the vast horde of foreign currency reserves to fall back on when commodity prices fall. Instead, Australians must borrow to maintain the standards of living that the country has become accustomed to, which even some Greeks will admit is unsustainable."