Australia exports a huge amount of iron ore and coal [0]. Out of all Australian exports, about 1/3 go to China. I'd assume even higher for the bulk materials.
Australia has a lot of the world's iron ore deposits [1]. Russia and Brazil are the other options, but each with about half Australia's size. And China with half Russia and Brazil's size.
China needs steel. Which means China needs iron ore. Which means China needs Australia / Russia / Brazil.
Which means if Australia avoids overtly antagonizing China, they'll most likely look the other way to avoid disrupting supply.
What would upset Australia's power is a breakdown of freedom of navigation by commercial shipping in the Pacific.
Historically, the US has been supportive of this. China is much less inclined to do so, absent benefit to itself.
Cue AUKUS opportunity. Principly focused on the type of assets that would allow Australia to credibly make sea denial costly for China.
> Australia is paying the US to build their own shipyards in the hopes that they get the right to share OLD submarines with the UK.
Australia gets US and UK nuclear submarine technology.
And 3 new-build US Virginia-class attack submarines, with an option for a further 2.
And help updating their port facilities to enable servicing nuclear submarines, which potentially means additional US SSN/SSBN visits.
In addition to closer cooperation on drone and other programs.
If Australia can keep China unhappy, but shy of angry, it's a good deal for Australia.
[0] https://en.m.wikipedia.org/wiki/List_of_exports_of_Australia
[1] https://www.statista.com/statistics/267381/world-reserves-of...