North Korea??
Myself? North Korea is in the hands of a butt hurt child playing with a match next to open gas lines. China's about had enough of their shit, and as NK's only ally left and the sole reason why most of their people are still alive, NK's about to lose China as a friend.
However, the Korean War has been going for 63 years. North and South Korea only agreed to a armistice, not an end; there was never a clearly declared 'winner'. With NK declaring war on SK and the USA, their threats alone of nuclear bombing feel very empty to me. There has been no proof that they have created a bomb capable of reaching USA homeland, let alone with nuclear attachments.
Concerns about Australia? If war does happen (very unlikely) I can not see our selves being valuable targets. An invasion could happen, and I am still very skeptical on that, but only for our abundance of resources that our enemies could benefit from. Our soldiers will suffer the most, not our homeland .
My biggest concerns so far is if this does escalate further, and China finally abandons North Korea, it will be the North Korean citizens that suffer the most. NK can not possibly function without China's aid. It will crash and burn, and the people will suffer first and foremost.