Militarily, Australia and the U.S. are joined at the hip. Economically, Australia and China are joined at the hip. It makes for an interesting situation because China and the U.S. view each other as adversaries. From Caitlin Johnstone at caitlinjohnstone.com:

As part of Australian media’s relentless onslaught of war–with–China propaganda, the government-run Australian Broadcasting Corporation just aired a radio segment on RN Breakfast about the newly revealed details on the AUKUS nuclear-powered submarine deal, featuring two guests who are enthusiastic supporters of the deal, and hosted by another enthusiastic supporter of the deal.
One of the guests, Australia’s former treasurer and ambassador to the United States Joe Hockey, made some interesting remarks.
“This locks us in with the United States for decades to come; is there a risk, as the smaller partner in this deal, we’ll just have to do what the US tells us when it comes to future wartime engagements?” host Patricia Karvelas asked Hockey.
“Well we’re already fully integrated with the United States military, and arguably have been for more than one hundred years,” Hockey replied. “We’re the only country in the world that has fought side-by side with them in every major battle for the last one hundred years. And already today a lot of our navy has the Aegis Combat System, which is an American combat system; our current Collins-class submarines use American torpedoes… and in every major way, communications systems and integration, we already have American technology, and we’re integrated with American systems. So there’s nothing new here in that regard.”