Adding to the above comment which I'm happy to endorse there are two streams of Australian exports to China:
* bulk raw materials: iron ore, thermal coal, other minerals, etc
* (rock lobster, wines)^N - AKA aspirational middle class foreign luxuries
The raw materials are lifeblood to China and not easily replaced, they are inputs to Chinese industry and generate wealth for China after processing, sale and export in addition to providing infrastructure for growth.
The fancy goods for the chinese middle class is not a small market either; demographically China now has a middle class with disposable income that is larger than the entire population (all classes) of the USofA.
This is not the Red China the McCarthy era foaming anti communists warned us about, this is a country within another country that wants fine fibre merino wool suits, ethical cotton, nearly organic wheat, hand massaged beef, etc.
As much as the Xi faction enjoyed dropping the hammer on fine goods from Australia as payback for ScoMo rushing in with ill considerd comments from his National Party cheer squad they also faced some push back at home from disgruntled chinese consumers.
The demand is still there for the fine goods, once the political gates drop a little the spice will flow again.