From Alliance Bernstein via the AFR comes some sense:
Alliance’s senior economist for the Asia-Pacific region, Guy Bruten, said in a note to clients that the “long shadow of the commodity price bust” remains the key theme for the Australian economy, and said the impacts from price falls would be a “multi-year affair”.
“…there are implications here for tax revenue and capital spending (a steeper drop than anticipated as no new projects are commenced) as well as for expenditure on exploration and support services.
“In turn, that has ramifications for employment – a further shake-out lies ahead.”
…“There’s a clear risk that falling house prices may be the next phase in the post-commodity-boom adjustment story.”
The full report is here.