Yuuuuge is an understatement, and we've become far to complacent the last 20 years in true 'aussie style' of 'she'll be right mate'.
Thinking back to when everything went tits up was when Kevin Rudd came into power out of no where, that was the start of the Labor Party destroying Aus Politics. Rudd was ousted by Gillard in a party coup basically. But it couldn't have got too much worse, getting a CCP link with Rudd and then Clinton with Gillard. Since then, politics here has achieved absolutely nothing since.