The timing is interesting electorally, because the process of up to 200,000 automotive workers losing their jobs is due to be completed in 2016/17, with a full Abbott term due to finish in November 2016. We are already in some hinky territory with the Chinese slowdown, albeit currency devaluation has solved a lot of problems for our exporters and there's probably more room to drop below the current ~70c.
The last budget was a cash splash so large that it caused many pundits to think it was priming the Keynesian pumps for an early election, yet the economy is barely escaping contraction as it is. Far from a budget emergency, now we have a growth emergency, which will be followed by an employment emergency. Hockey hasn't really got any more gears to shift up fiscally, so when the automotive fecal matter hits the Centrelink air circulation equipment, the job of stimulating the economy is going to fall to the RBA, which has only 200 base points to play with and would only be forced to burn them under great duress given the housing market is already hubba-bubba-double-trouble. Then we hit the zero lower bound, and we're cactus in a Mad Max Fury Road scenario.
This is playing out a bit like George W. Bush's last days, where all of his dud decisions culminated in a massive economic and political collapse. Just as Dubbya is now seen as a contender for the worst US President in history, Tony Abbott is shaping up to be the worst Australian Prime Minister in history if these doomsday detentes come to pass. All we could do was sit back and enjoy the hot licks from the Doof Warrior.