Maybe I'm just overthinking, but this economic shock had a global impact on all world economies in the same time. So just think about, how a economic downturn in world biggest economies (US, China, EU, India, Brazil) will affect Australia.
I'll give you an example, if an average John Doe from US, one of the unlucky 30 Mil that lost his job, decides to spend less, buying less "made in China" stuff from his local Wallmart store, causing some of Chinese manufacturing to close, needing less raw materials from Australia. That could then cause an average Aussie bloke working in the mining to have less cash in his pocket, and difficulty to repay that property loan he has with Westpac.
Just a thought.. not wit may look all good, but it may take some time for this scenario to take place.
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