In another recent report, that stretches more widely, the IMF ( PDF) looks at local contraction globally with a compact review of recent literature.

FORBES: The Still Shrinking Local Governments

Then, local contraction stole back more than half of it.

FORBES: The Still Shrinking Local Governments

Yet, the potential for even a pause in ascending real estate prices is seldom considered as the local media often maintains that Australia completely dodged the Great Contraction.

FORBES: Australia: Another Land Shortage