In the endless election cycle that Australian politics has become, Malcolm Turnbull is facing a greater threat to his legacy than the citizenship ruckus, Tony Abbott white-anting, and Labor's party polling strength combined: the global economy.

The threats are largely from Australia’ greatest “friends” -- trade paramour China, and joined at the hip strategic bedfellow the United States -- and therefore unmanageable from Canberra. After five years in power, China's Xi Jinping finally has the internal clout to enact reforms on China’s bloated industrial sector and to open up its financial sector as rising debt threatens to tip the economy into possible decades of stagnation.