Unlike USA Australia stock market has not gone above pre-GFC...

Unlike USA Australia stock market has not gone above pre-GFC levels, so if you had $100 in the ASX index and left it for 10 years you would have $100 today. The US in the meantime has smashed pre GFC levels. So currently the ASX  compared to international stock exchanges is very undervalued. You are quoting the worst case drop but the ASX was only there for a very short time before rebounding to the high 4000s. Hope that clarifies my statement. Plus I am a long term BAL holder and quite optimistic that the US and China will come to a memorandum, Trump will not crash the US stock market by implementing 25% tariffs, he wants to win the 2020 election after all and that will be impossible in a recession.