Rantings and tirades of a frustrated economist.
Australia = Lots of Natural Resources = Lots of Exports to China = Really Booming economy = Really fast growing house prices. If you can pull 80K doing unskilled work in the mines - there's a sign the price of things is going up (especially housing in Western Australia).Australia also has a budget surplus (again - from minerals), privatized Social Security (was privatized by a "left-wing" government under Keating) and may have just broken a multi-year long drought (hooray for la-nina!)
Don't forget that Japan is an island (well, a series of islands) as well.
Australia is on that graph.Iceland would be thrown into the mix, being an island (unlike Australia, which is a continent).
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