Well the RBA has released that latest financial aggregates up until the end of the March quarter, and there doesn't seems to be any major surprises. I guess you could see that as a positive or negative. On the positive side things don't seem to have gotten drastically worse in March. On the negative side, they definitely didn't get better... this article summarised it well: Private lending sinks to 15-year low | RBA I personally think the really key point to take out of the latest data is that the housing credit growth is really holding the system together at the moment. If the government pulls the FHOGs at the end of June I think things may start to unwind rather quickly compared to our moderate decline at the moment. I hate the principle of FHOGs, let alone the FHOG boost, but at this stage it is looking more and more like one of those necessary evils (bit like the US bailouts... terrible in principle but really quite vital) and it may be more prudent to slowly ween Australia off them over 12 - 18 months rather than removing the boost and FHOG altogether. The only other thing that worried me a little was the quite significant falls in Money Base and M1 levels... I'll be very interested to watch these over the coming months. It might be time to go pull out a couple hundred dollars or so and put it under the mattress for safe keeping. General thoughts?