There has been a lot written about the Thycidides Trap highlighted by Graham Allison 7 years ago and K Rudd provided an opposing view (The Avoidable War) 2 years ago.
No doubt both the USA & China/Russia are keenly aware of what the consequences could be if the US stubbornly holds on to its global hegemony despite being "outgunned" by China economically.
The reasonable compromise would be a sharing of global power but given Allisons analysis, there is only one chance in 4 that that will happen peacefully.
This Ukrainian war has simply accelerated the US China showdown with the US leading the way with sanctions on select Chinese entities including Chinese Hi-Tech, Banking etc.
Economic sanctions in this instance can be seen as a prelude to war.
So from Australia's economic point of view, the answer is peace; not an escalation of this war as advocated by some posters on this thread.
To test this theory let us suppose that the US wrecked the Chinese economy whether that be with Russian type economic sanctions. an all out military attack or both, where would that leave Aus. IMO we'd be bankrupt within a year and would the US then bail us out?
