You may not think a Chinese sponsored arms race is something to be concerned with but India, Vietnam and the Philippines would differ with you on that point. Check out China’s claims on the oil rights of the South China Sea. They are saying that the whole thing is a Chinese lake.
I just don't see a problem. And without even looking at what Australia has, I'm confident she is the most well armed nation in the Western Pacific in PROPORTION to her population. All the other Asian nations, whatever level they are at or even plan to get to in the next 10 maybe even 20 years, won't be commensurate with them. Not even China.
....now....the Middle East...oh, but wait, they keep the defense industry in the West humming :) I'm not being critical of the West/Middle East military business ties, I'm just saying, really, compared to Asia or rather the Western Pacific, there isn't an arms race over there.