Australia's household debt rings alarm bells

SYDNEY - Australians are racking up extreme levels of debt to buy homes that are among the world's most expensive, a ticking time bomb that could wreck the economy if it is hit by a sudden shock, experts warn.

While the country is one of the best-performing developed global economies, soaring property prices have also made it a world-beater in household debt.

The nation has a household debt-to-GDP ratio of 123 percent, largely housing debt - second only to Switzerland, according to the Bank of International Settlements.