Speaking in the Chinese capital on Friday after meetings with local officials, the Australian treasurer said Australia had “a lot at stake” when it came to China’s economic slowdown.
Treasurer Jim Chalmers says Australia can only benefit from China’s plans to pump billions of dollars into its sagging economy, but the country’s protracted ban on importing lobsters continues to undercut the Canberra-Beijing trade relationship.
“What happens here and what is decided here has big consequences for our own economy, our own workers and businesses and investors, and for our country more broadly. We do have a lot at stake, and we do have a lot to gain when it comes to the engagement and the stabilisation of the relationship with China as well.”
Chalmers warned this would have major consequences for Australia’s economy, with a 1 percentage point drop in China’s GDP growth roughly costing Australia about $6 billion in lost output.Australia’s commodities industries have borne the brunt of the Asian giant’s slowdown, with its property market collapse depressing demand for Australian steel to build new homes and triggering a slump in the iron ore price. Treasury has warned that a further slump in the price of iron ore could wipe up to $6.
The lobster ban is the last major remaining hurdle after Beijing agreed to lift almost $20 billion of economic sanctions imposed on a dozen Australian industries when relations between the countries plummeted under the former Coalition government.
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