It's not so easy for guys like Packer & Buffet to hedge against the bubble bursting - it's not like they can just move to cash. They have billion dollar businesses to run and countless employees on the books, it's a bit harder to just put everything on hold. Also alot of projects take years of planning & approvals etc etc - can't just stop them without huge costs.
I can see your point nomore - once the huge oil tanker is in motion, takes time to change direction.
And I'm not overly concerned about Australia's economy right this instant, its the US & Europe that I'm worried about....they are the consumers of the world & if they have a cold, commodity produces will eventually get pneumonia.
Cheers