Anthony Albanese has declared Australia will “cooperate with China where we can, disagree where we must, but … also engage in our national interest” as the prime minister arrived in the People’s Republic for a landmark three day official visit. Albanese touched down in Shanghai on Saturday evening. After being received at the airport by senior diplomats from both countries, the prime minister went immediately to a banquet hosted by China’s premier Li Qiang to open China’s International Import Expo in downtown Shanghai. When he returned from the banquet, the…
Tag: Australian economy
The PM is heading to China and the relationship with Beijing has thawed. But will trade ever return to normal?
Anthony Albanese’s upcoming China visit will be the first by an Australian prime minister since Malcolm Turnbull in 2016. Much of the media attention will be on irritants in the relationship, such as the four-year detention of the Australian writer Yang Hengjun and rising tensions in the South China Sea. But economic ties will also feature highly, with the prime minister scheduled to attend the China International Import Expo in Shanghai. How important is two-way trade? China dwarfs all other nations when it comes to Australia’s trade, accounting for almost…
Australia news live: fires in Queensland and NSW threaten homes amid strong winds, high temperatures
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Australia politics live: Marles warns of risks in ‘grave’ China clash; the ‘fables’ spread by the no campaign
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Australia politics live: no vote came from ‘grievance camp’, Labor MP says; trade minister to urge China to review wine tariffs
From 1h ago No vote came from ‘grievance camp’, Labor MP says Marion Scrymgour: With the failure of the referendum, we are stuck with a Constitution built on a deliberate plan for exclusion and discrimination by way of race, which still retains a race power rather than a mechanism for recognising the special relationship the commonwealth government must have with its First People as a result of the way this continent was colonised. That is something which we are all going to have to accept and do our best to…
Australia news live: Dutton says opposition ‘won’t be departing’ from net zero, China welcomes PM’s confirmed visit
From 26m ago Paul Karp Dutton says opposition ‘won’t be departing’ from net zero In recent days some in the Nationals have agitated to abandon the commitment to net zero, through a motion to be debated at Nationals conference and comments from frontbencher Barnaby Joyce that the estimated cost of net zero was “utterly untenable”. The opposition leader, Peter Dutton, has just rejected that push, telling Radio National the Coalition “won’t be departing” from net zero. He said: No [it doesn’t concern me], there’s strong support for net zero. It’s…
As China’s economy stalls, Australia braces for the impact on its currency and tourism market
With strong financial ties to China, Australia is bracing for impact as the country’s deepening economic woes threaten its trading partners. Growth has stalled in China, as has foreign investment, at the same time as a property crisis worsens, with developers Evergrande and Country Garden facing severe financial difficulties. Youth unemployment had surged to 21.3% before Beijing abruptly suspended the data series, setting alarm bells ringing. Australia was planning to profit from China’s pandemic recovery, before signs emerged that all was not well with the major iron ore customer and…
Australia’s oversupply of wine tops 2.8bn bottles in wake of China trade dispute
Australia has an oversupply equivalent to more than 2.8bn bottles of wine – a little more than 100 bottles per person – after the trade dispute with China slashed exports to the biggest consumer of Australian wines. The excess wine is being stored in large steel vats in wineries across Australia, equating to 859 Olympic wine-filled swimming pools. The removal of Chinese tariffs on Australian barley has some grape growers optimistic that the five-year wine tariffs implemented in 2021 may be dropped early, but a new Rabobank report suggests even…
In previous downturns the world turned to China as an engine of growth – this time that driver may not be there
When Australia’s central bank released its quarterly economic update last week, China’s “uncertain” economic outlook topped a list of domestic worries for Australia. The International Monetary Fund too singled out China in its latest world economic outlook as among the “downside” tilts to its balance of risks. The recovery of the world’s second-biggest economy from the Covid pandemic was faltering, “with cross-border spillovers” likely if it slowed, the IMF said. Wednesday brought further confirmation of China’s disappointing performance as the economy slipped into deflation for the first time since late…
China agrees to scrap barley tariffs in easing of trade tensions with Australia
China has agreed to scrap its 80% tariffs on Australian barley, in a major win for Canberra’s push to ease trade barriers between the two countries. The tariffs were first imposed in 2020 at the height of tensions, and prompted a lengthy challenge by Australia through the World Trade Organization. In a notice on its website published on Friday, China’s commerce ministry announced that “in view of the changes in the market situation of barley in China” it was “no longer necessary to continue to impose anti-dumping duties and countervailing…