It's only going to be bad for Australia because of how our pollies run the economy and country and the BS they tell the people through the ABC etc. We shouldn't have an economy so reliant on China or any one country for that matter, we also shouldn't have an economy that solely relies of mining, being a quarry because that will never end well.
However the positive side to it is our pollies might be forced to stop wasting our tax $'s and might be forced to create good economic policies that naturally protects our standard of living instead of artificially making it rise to buy votes.
