1. Going nowhere because China's not growing but not collapsing and commodity prices are similarly not going to fall or rise.
2. because China's monetary base is contracting and as is their economy and the coming GDP collapse will hit Australia very hard.
3. because of excessive risk in China and the Chinese have the resources to maintain a high enough level of growth supporting the Australian economy. Also, domestic demand for products and services are and important driver to the Aussie economy as well.
All three theories are palatable but for now, I think the one is most in play. Australia managed to beat GDP forecasts earlier this week, and will most likely continue to beat economic forecasts such as unemployment figures scheduled for June 15th. I don't expect any change from the RBA next week in their cash rate and statement. Sentiment and the numbers are with them for now. The is in favor.