The nation’s high-quality coal and iron ore and a growing export market are expected to help this country weather a downturn in the Asian giant – for now, anyway.
Australia’s economy will not be derailed by the slowdown in China, thanks to a strong appetite for the country’s high-quality commodities, according to a survey of economists.
Economic shocks in the Asian giant have had little impact on Australia in the past years, thanks to its natural resources which were relatively cheaper compared with the rest of the world, Mr Jarman said. “So supply is rationed further out the cost curve before Australian exports are impacted.” The TWI is the price of the Australian dollar against a basket of foreign currencies based on their share of trade with Australia, which is why Mr Picton said he expected Australia to “muddle through” China’s weakness.
“Chinese authorities have resisted major stimulus, instead implementing modest relaxation of monetary policy across the year such as increasing liquidity by reducing required reserve ratio for banks in September that has, so far, had little impact,” said NAB’s chief economist Alan Oster.“Slower growth in China is generally impacting the global growth outlook and business sentiment, all of which could weigh on Australia’s growth outlook,” he added.
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