This is a bit from left field, but suppose US economic meltdown really takes hold, - subprime meltdown, financial system meltdown, US dollar meltdown meaning that given its massive deficits, as the world refuses to lend to the US lead to its interest rates skyrocketing and its currency going down the girgler. The end result being the US is left as a second-rate power.
Given that Australia's military security has largely depended on our US (and to a much much lesser extent British) military alliances, what are our risks in a few years time if the world economic order undergoes sismic shifts?
Without the US, are Australia's land and resources in danger from more populous neighbours in a few years?
This is an article from today's Australian with Australia's former top ranked soldier in Iraq Major-General Jim Molan saying that apart from special forces, the ADF is not equipped to fight wars.