Actually it looks like apart from a lot of people having their superannuation wiped out, Australia will fair OK. China has assured our government that demand for our resources wont drop by much, and our banks are still in good shape. And seeing as we're in a housing crisis, the demand for housing is keeping the market quite high. However, if that falls, we really will be fucked.
However, our dollar is falling badly against the green back, euro, and pound, but that will help our exports, if people still have money to pay for them.
It still strikes me as insane that a reckless oversight in the US can cause all this.
I saw this today and had to laugh though
