Concerns of a slowdown in China have caused investors to grow even more cautious about Australia.

On a recent trip to Australia, Societe Generale's Dylan Grice was taken aback when he came across a book titled "The Australian Moment" by George Megalogenis which talked about the 'Australian miracle.'

"I had a great time in Oz: fantastic people, wonderful atmosphere, and a truly beautiful country. But I felt more relaxed when Australians called themselves the lucky country with their typical honesty, realism and humility. Now that it's been upgraded to the status of miracle I'm worried."

In a new report titled Popular Delusions, Grice argues why Australians should be worried that someone is calling their country a miracle.