I think Australia has been largely unaffected - costs of living have gone up a bit, but it's nothing unreasonable considering all that's happening overseas.
I can still get a loaf of the best bread in town from the bakery at the end of the road for $1.70, and petrol has been up and down around the $1.50/L mark.
The property market certainly isn't as strong as it used to be; a few local real estates have closed down, but it's an incredibly crowded market anyway. For a while it seemed every second shop-front was a real estate agent, so it's no surprise the weaker ones disappeared the moment the market slumped a bit.
Other than that, my business is still running very nicely. I'm enjoying the higher interest rates through my savings accounts too, so I guess it's not sour times for everyone.
I haven't heard of any banks closing here, or mass foreclosures on mortgages. There's certainly nobody
living in tents.