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Yeah, I think that while the PLA are supposed to have made big strides in the last decade, they're still a couple of generations off from being a serious military power. It'll happen, but not yet. The same is true of Japan, not because of economic or political factors, but rather the non-interventionist stance they've had imposed upon them, so it's probably going to take another generation or so before that really begins to subside. Either way I don't think there's anything to necessarily fear from either, so long as they can get along with eachother.
It definitely won't hurt Australia anyway.
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"I have this to say to the people of Australia: Kick me, I'm different."
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