We are in biggest private debt bubble in history
Private debt bubbles historically have always resulted in financial crises and major asset price crashes. That is why this issue is very important. In this Youtube clip "Can Australia avoid a financial crisis?" 24/July/2017, Professor Steve Keen explains the relationship between private debt bubbles and crisis. https://www.youtube.com/watch?v=vCFubyGd_R0&t=516s
Steve's line of argument is very much along the same line of thinking of the Austrian School of Economics as it relates to debt.
This chart below shows a longer-term view of Australian private debt to complete the picture.
And from a longer-term global perspective, the following chart of private debt around major economies is really interesting from this web site: https://www.ineteconomics.org/perspectives/blog/the-private-debt-crisis ( From the Institute of New Economic Thinking )