Two things to consider are
- the probability our economy will be tested hard; and
- IF it happens how big the impact/damage would be
At the moment, the general consensus is that the probability is quite low but it is on the way up if things don't improve as they currently are. So from that perspective, we are okay for now.
However, IF the economy gets hit hard (because a small probability does not imply it won't actually happen) then the impact will be significant because Australia is in a vulnerable place right now. We no longer have the tools that saved us from the GFC last time (high interest rates, budget surplus, mining, China).