At the Australian Financial Review’s Banking Summit last week, shadow Treasurer Angus Taylor made the case that the Albanese Government had used the windfall from commodity exports as a substitute for budget management.
While one can make that argument, the simple reality is, in the years since China began its meteoric rise to become a global economic superpower, governments from the Coalition and the Labor Party have benefited enormously from the additional revenue the resources sector has provided relative to decades past.
Australia has a heavy reliance on iron ore and coking coal exports, and by extension the demand for steel in China.during the calendar year 2023, more than the rest of the world combined. China produced more than 7.25 times more steel than the second-place holder, India., accounting for 33 per cent of the total, followed by infrastructure construction accounting for 25 per cent of the total.
However, it’s an open question as to whether or not that scenario comes to pass and even if it does, should it not prove as effective as expected, Beijing may turn to its old strategy of construction-driven stimulus.For well over a decade there has been the perception that a strong Chinese economy would benefit Australia and this was generally the case for a long time.
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