australia faces worse crisis than america, page-8

The A$ going down in relation to US$ is predicated on the mining boom slowing significantly (or grinding to a halt).
Even in the worst case of grinding to a halt, it will be a slow process .... it's a hell of a big ship to turn around.
Not so the exchange rate which would be expected to fall rather more rapidly as the market discounts it into future falling mineral exports.
The falling exchange rate would then actually help mineral exporters by increasing the A$ amount received for their exports, further cushioning the slow down.

IF this scenario plays out, Australia needs an export to replace minerals & with the rapid growth of the BRICs middle class, agricultural products looks the place to focus.