What is going on in Sydney Australia? They are an Olympic city (Summer too, not the puny Winter Games), they're on the water, they have lots of immigration, a jewel of a city. Sounds like Vancouver.

But their housing bubble exploded all over the place. Now, combined with crazy levels of personal debt, they have a new category of 'pay-later poor'.

This is just ridiculous. Look at this cover of 24 Hours. The header says 'Bubble trouble?' but there is no article about the housing market or the bubble, just a generic photo of construction and the line 'Is the housing bubble about to burst? Experts say that while meteoric price hikes have subsided, the housing market is in no threat of crashing anytime soon.'