In doing so, I will focus on three key areas: •  household income;  •  household balance sheets; and  •  the housing market – in particular, is the Australian housing market going to go the same way as the US market?
Imagine you arrive at an unknown railway station late at night and there is exactly one taxi at the station’s taxi rank, which you wish to take to your hotel. The taxi driver tells you that he is sorry but he cannot take you because the city authorities demand that there must always be at least one taxi waiting in front of the station.