A article on that subject written by me was published today on the Australian Misesian web site Brookes News. I could add here that while there are many similarities between the situation in Australia and the United States, with a housing bubble (The bubble is even greater in Australia) and huge current account deficit, one striking difference is that the Australian dollar has been very strong. There are probably two reasons for this. One is that Australia unlike the U.S. has a balanced budget and thus enjoys more confidence in the world markets and second that Australia as mentioned in the article greatly benefits from the rising commodity prices.
Source link: http://archive.mises.org/2763/australias-inflationary-boom/