Besides the government- and government-imposed rigidities, I'd say Australian businesses are quite flexible overall and hence more able to alter the overall structure of production of the economy than the IMF is giving them credit for. With the right political climate that aims to reduce/remove the rigidities then strong improvements in per worker incomes is entirely possible irrespective (or indeed, possibly because of) a large China downturn and stagnation. Edit: That we were actually able to drink the "commodities kool-aid" whereas other commodity rich countries like South Africa couldn't is a testament to our flexibility which is a blessing rather than a curse.
Unfortunately because our mining sector is 86% foreign owned not much of the 'boom money' made its way into infrastructure and our manufacturing base has been shredded by over-inflated real estate costs - which drives up rents/mortgages - which drives up retail prices - both of which drive up cost of living and wages - which makes manufacturing uncompetitive. Only good thing we have is the world needs our food production. Major policy U-turns required to correct the situation, which won't happen because of vested interests.
China still has room to run bigger budget deficits and has a cool 3.5 trillion in foreign reserves, embrace the ponzi
