It must be fascinating for Aussie culture to have the Asian Cup there. Their mainstream culture has been so tied up in the Anglo-sphere (see above) it must be really interesting for them to have all these countries who haven't been traditional rivals all of a sudden there.
Be a really interesting thing to study the coverage of the Asian Cup compared to say the cricket or other more 'traditionally' Aussie sport.
I think it is good that it is held in Oz, despite it's entrenched bigotry I wouldn't think that there wouldn't be much hostility in the stands or on the pitch between rivals such as Japan and China (or Iran - Iraq. or Sth Korea - Best Korea). Different setting and most of the supporters will be there to watch the football rather than seek redress for historical slights.