Which is of course an absurd proposition. But it is true in a certain sense. Higher commodity prices are now irrelevant to the Aussie economy while lower are a danger. Why is this?
The Australian economy is a basic two-step machine. First, it makes profits largely from international dirt sales. Second, it leverages that income via major bank borrowings in global markets which is distributed as mortgages at home that lift asset prices and drive consumption.
This is the model that delivered 27 years of growth but it is now broken.