Sumary of ‘Vulnerable’: Australia’s grim China warning:
- One of the world’s most powerful international organisations has issued a grim warning to Australia about relying on trade with China.
- Australia has been issued a grave warning about the true economic impacts of China’s volatile behaviour by one of the most powerful international organisations in the world.
- The Organisation for Economic Co-operation and Development released a report on Wednesday urging the Australian government to pivot away from our largest trading partner and find new countries to ramp up trade with.
- “Over the past two decades, the share of Australia’s merchandise exports destined for China has increased from 10 per cent to around 40 per cent and now surpasses Australia’s total merchandise exports to all OECD countries combined,” the report said.
- “The increased concentration of export flows makes Australia more vulnerable to a future shock in the Chinese economy or import restrictions being imposed on additional commodities, such as iron ore.