Australia's not immune to a Chinese recession/downturn, which may very well happen based on what I can see.
Real question would be, would China go down the path of Japan and be a lost country forever, or will it just be a temporary, 4-5 year blip like most countries experience? And will Indonesia/Vietnam/India rise soon enough to propel the Asian boom to new heights?
I think it would be hard to distinguish between what is Government -Private -Corporations in China compared to Japan,every year various forecasters project stock market mortgage rates at the end of the following year ,the Chinese Government do it different,plus the USA market is just starting to trend again,so who knows..