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Today, Acting Director of the Australia-China Relations Institute (ACRI) – James Laurenceson – warned that Australia’s economic reliance on China is increasing from already extreme levels:
The May export figures paint a stark picture of just how reliant Australia’s economy is on the Chinese boom.
The money involved means if the Asian nation were ever to cut off an industry or two – as it has done to other countries at times – it could severely damage Australia’s economy and wipe out the predicted federal budget surplus.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.