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Job figures are looking good by the way, and Aussies don't give up easy.  Australia as a overall country and society has not seen any major social upheavals. Down under when the going gets tough we get proactive about it and find a second job or pick up more hours.

Look at France as a example,  their standard of living is high and compare to any east euro country they are gods,  yet quick to riot burn and loot when they hit a bump on the road.

I think we will be fine, there will be no mass defaults no blood in the street,  just some hard yakka all around and plenty room to move rates higher.  Somebody think about the pensioners and savers!