For 20 years, Australians have lived in an economic bubble. China is a big reason for that economic resilience. Australia sailed through its toughest challenge, the global financial crisis, thanks largely to China's appetite for mined-in-Australia iron ore, coal, and other minerals. The protection offered by the China trade is showing some wear and tear. Exports to China dropped 4% in the quarter ended in July, as growth in the Chinese economy slowed. While the jobless rate in the US has been gradually falling, Australia's unemployment rate has been heading in the other direction, climbing to 6.1% in August from 5.1% two years ago. Mining employment in August dropped 29% from a year earlier. The economy is partly reinventing itself in response. Mining companies such as Rio Tinto, Fortescue Metals, and Hancock Prospecting have diversified into cattle ranching as a hedge against drops in mineral prices. Australia is also becoming an economy driven partly by real estate.