https://tradingeconomics.com/australia/exports-by-country

They are Australia’s largest trade partner for import and export. 36% of Australian export is to China compared to 3.9% to USA.

“Australia’s terms of trade are likely to fall as new coal, iron ore and gas capacity in both Australia and the rest of the world comes on stream. A probable result is that the Australian dollar will fall. This will mean a partial reversal of the huge rise in living standards which (contrary to popular perception) Australia has experienced in the last ten years.” https://www.aph.gov.au/about_parliament/parliamentary_departments/parliamentary_library/pubs/briefingbook44p/china

As our commodities get cheaper our standard of living will drop. We are a commodities nation on the doorstep of a growing super power hungry to buy raw material at top dollar. This is why our streets are flooded with luxury vehicles and our homes are some of the biggest and most luxurious on the planet.

The Australian standard of living will slip if they stop paying top dollar. It will fall off a cliff if they stop buying entirely.