The aussies have been in hock to China for years, most of the national assets have already been bought up its only the small fry like Virgin that are left. The whole problem is that “lifestyle” is everything. They have been paying themselves more than they earned for many many years, other countries, the U.K. in particular are just a vulnerable to paying ourselves too much.
My real sympathy is with developing countries China is taking over whole economies, they don’t care who they deal with, any despotic regime or rebel group, payment in arms, or an offshore bank no problem. Drive through any town in Africa and count the Chinese run businesses displacing the locals, wake up!.