Resource Bubble Popping Down Under

From Macrobusiness, via nc links:

In early May, I noted how falling mining equipment sales could be a harbinger of a sharper than expected reduction in mining capex.
Over the remainder of May, we then witnessed a spate of mining services firms – Coffey, UGL, Worley Parsons, Transfield Services, and Boart Longyear lower their earnings guidance and/or cut jobs amid slowing mining activity.
The bad news has continued this week, with a spate of job cuts announced by Australian coal mining companies, with Peabody Resources, Downer EDI, and Glencore Xstrata all slashing jobs and cutting output.
Now, heavy machinery dealer, WesTrac, which supplies Caterpillar machinery such as bulldozers and trucks to miners and builders, has today announced that it will cut 350 jobs – roughly 10% of its workforce – amid “challenging market conditions”.

That can't be good for the crazy housing market down there.  I'm getting a bit concerned about the future of the grain markets, too.  Will the farmland bubble be bursting soon?  I'd guess it is becoming much more likely.