I don't think Australians have too much to worry about to be honest, in reference to your 3 year old. Although our retirmement savings might get wacked for a while and the unemployment rate may go alot higher, I can't imagine Australia being anywhere near as bad off as the States.
We export food and minerals, that isn't going to stop, slow down maybe but never stop.
I'm glad I don't live in the states though. The house of cards is stacked alot higher over there.
