This is more connected to the mortgage mess in the United States. They had it once before and it was then called the Savings and Loan crisis. It cost six times the Vietnam War when it was over...well it just happened again and the Treasury spent all it's money playing world police this time, so it could be a while before it gets figured out.
Australia doesn't need to get overly concerned by this. Even if the markets lose two years of gains, exports are still strong.