Australia’s economy: Unlucky country

Posted: April 16, 2015 in economy
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Australia's economy


The country suffers from plummeting iron-ore prices as China’s economic growth slows



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ROSS GARNAUT, one of Australia’s most eminent economists, describes the country’s current slump as its “economic dog days”. These are, he says, only set to get stickier, for they concern China—Australia’s biggest trading partner—and iron ore, the country's biggest export product.
Chinese demand for steel soared over the past decade as the country’s economy boomed. That sent prices sky-high for iron ore, the raw material from which steel is made; sustained demand helped keep Australia prosperous. Now China’s economic slowdown and the accompanying plunge in iron-ore prices has put the Australian economy in the doldrums. It is bad news for Joe Hockey, Australia’s treasurer, as he prepares to deliver the government’s second budget, on May 12th.

The warnings arrived in quick succession. A …<div class="og_rss_groups"></div>

via Economic Crisis


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