A further interesting consideration for investment decisions, both in share markets and property markets - wages growth.
Aggregate growth may be weaker than it was during the mining construction boom run-up, but mid-year consensus forecasts from economists suggest that wages will probably rise by another +2.9% in the year to 30 June 2015.
In fact, wages have continued to rise relentlessly throughout the period covered by the ABS Wage Price Index (click chart):
Indeed, track back the wages price index over the long run and it's interesting to note how public and private sector wages have mirrored each other while doubling in tandem (click chart):
A bit like rising rents, wages have never recorded falls nationally, and this may be partly to do with behavioural economics.
Wages growth may slow, and at times sink below the rate of inflation, but it's a very hard sell to dish out nominal pay cuts to employees.
Studies have shown that people may often settle for receiving a pay rise below the rate of inflation, but cutting wages is rarely a popular course of action, even if there is a prevailing price deflation.
It's a cognitive bias.
Looking at the long run inflation chart it strikes me that there is very much to be said for spending less than you earn and investing in quality assets for the long haul using a buy and hold strategy.
Timing the markets appears to be very easy in theory (or in retrospect) but you only have to look back at the catalogue of erroneous predictions over the years to see how this is not the case.