I don't think it is correct to say Australia didn't have a crisis. I graduated in 2008 there were no jobs at all until about 2012 companies on the East Coast ju

I don't think it is correct to say Australia didn't have a crisis. I graduated in 2008 there were no jobs at all until about 2012 companies on the East Coast just stopped hiring. I know I lived through it. About 2/3's of my graduating class (Engineering) left the East coast to move West for work in the mining sector. Fly in Fly out was about all there was going it was tough times and hard lifestyle. Basically resources sector was only part of economy still functioning retail, manufacturing etc had huge contractions and we are still feeling the impact most of those lost jobs won't come back. Holden, Ford, Mitsubishi etc all those plants shut and left the country. The resource boom which was driven by Chinese demand for Iron ore + Coal propped up large parts of the economy. Lookup all the articles from treasury etc at the time "Two speed economy" was real. To say Australia was not affected by 2008 is a gross misstatement.