From Miranda Maxwell at Dad’s Army:
Economists I sounded out this week were in furious agreement: the importance of mining and China to Australia’s economic performance has been significantly overstated.
…Mining makes up less than a fifth of Australia’s GDP, probably closer to 15 per cent as commodity prices decline. Consumer spending makes up almost 60 per cent. So you can argue it is the effect on sentiment rather than the hard data that makes developments in China and mining most significant.