Last time China's economy stumbled, in the 2008 global financial crisis, Australia was well-positioned to weather the blow.
House prices were lower, interest rates were higher and the Budget was in surplus.
But if China stumbles again, economist Chris Richardson fears Australia won't fare so well.
"This time, too, you would see a bunch of defences swing into play: the Australian dollar would fall, the Reserve Bank would want to cut interest rates, the government of the day would start stimulus spending. But here's the thing - that would not stop a recession. We've used a lot of our ammunition already."
Mr Richardson is a leading economist and partner at Deloitte Access Economics and has outlined possible scenarios for the country's economic future.
He says Australia's financial fortunes are inextricably tied with China.
"We now have more eggs in the China basket than Australia's had with any nation since the UK in the early 1950s - two-thirds of a century since one other nation has been so central to what happens here at home."
Mr Richardson says he's not forecasting a China crisis.
But he's not ruling it out either.
He says Chinese businesses and the government have relied too much on borrowed money, which risks a sudden downturn.
"China's built too much and it has relied too much on debt in doing that building. So you have oversupply, in everything from steel to housing. There are a bunch of businesses in China that will never be able to pay the interest on their borrowings let alone being able to repay those borrowings themselves. China's leadership is still using stimulus. Again, that's entirely understandable, but what it does do is delay the adjustment and in delaying it, it runs the risk of eventually worsening it."
The warning comes as Malcolm Turnbull continues his tour of India, trying to secure better trade with another rising Asian economy.
The department of Foreign Affairs and Trade says China is Australia's biggest trading partner, buying nearly $90 billion worth of Australian goods in 2014.
India buys a tenth of that - equivalent to just under $9 billion in the same year.
The Prime Minister says there's plenty of room for growth.
"Our two-way trade has doubled in the last decade to nearly $20 billion. It's an impressive point, but it's a fraction of what we should aspire to given the many points of intersection between our two economies. There's never been a better time than now to make the relationship stronger."
To make that happen, Mr Turnbull has commissioned a new report - the India Economic Strategy.
Negotiations over a free-trade deal with India have stalled, but the Prime Minister says the new stategy will chart a course to closer trade links.
"It will provide a plan to unlock the opportunities that will help us grow together, with a map that will guide our partnership through to 2035. It is not about Australia discovering India, but cementing India as a priority economic partner."
The Prime Minister spent his last day in India meeting Indian business leaders and the famous cricketer, Sachin Tendulkar.
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