More Chinese tourists means higher house prices

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This is wrong in every way that matters. Yahoo.

Australia’s tourism sector says it is “great to see” Anthony Albanese spruiking the country’s postcard-perfect tourism offerings to would-be Chinese holiday-makers in Shanghai

The Prime Minister on Sunday witnessed Tourism Australia sign a deal with Chinese travel giant Trip.com to promote Australia as the place to see.

The deal came with the launch of a new tourism ad campaign featuring Ruby the Roo — a Mandarin-speaking kangaroo.

“There has rightly been lots of focus on trade of physical products but tourism is a major export supporting close to one million jobs in the Australian economy.

Ruby the Roo will grovel her way across China, and for what?

More Chinese tourists mean more Chinese migrants and more Chinese smurfs for house purchases.

We are unlikely to see a repeat of the 2015 surge because the sinking Chinese economy will need capital controls forevermore.

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But it will lift foreign purchases at the margin and lift prices as smurfing increases. Net Chinese immigration.

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This means more Labor voters and less foreign policy independence as the number of CCP-captured federal seats grows from seven to a number that determines every election.

Albo is working on becoming the Xi Jinping of Australia.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.