• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Australia’s treasurer says economy must diversify from China reliance

September 6, 2021 by David Barret Leave a Comment

September 6, 2021

SYDNEY (Reuters) – Australia must diversify its economy to rely less on China, its largest trading partner, Treasurer Josh Frydenberg said on Monday, as he warned businesses to brace for new tensions with Beijing.

Australia’s relations with China soured after it banned Huawei from its 5G broadband network in 2018 and cooled further after Canberra called for an independent investigation into the origins of COVID-19, first reported in China last year.

Beijing responded by imposing tariffs on Australian commodities, including barley, wine and grapes.

“It is no secret that China has recently sought to target Australia’s economy,” Frydenberg said in a speech in Canberra.

“Heightened strategic competition is the new reality we face, now and likely into the future.”

Frydenberg said businesses should look at new markets, which have been opened as a result of recent free trade agreements.

Australia’s A$2 trillion economy is at risk of entering its second recession in as many years as its largest states are in prolonged COVID-19 lockdowns.

Despite the diplomatic tensions, exports to China hit a record A$19.4 billion in the 12 months to July 31, up 72% from the prior 12-month period on the back of strong iron ore demand.

($1 = 1.3419 Australian dollars)

(Reporting by Renju Jose and Colin Packham; Editing by Sandra Maler and Jane Wardell)

Source Link Australia’s treasurer says economy must diversify from China reliance

David Barret
David Barret

Related posts:

  1. Fate of national daycare in the hands of Canadian voters
  2. With a little help from their friends: how The Sims 4’s community has helped shape the game
  3. Pancake aims to make customers flip for its virtual home design platform
  4. Best cordless vacuum 2021: The top models for pet hair and hardwood floors we’ve tested

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • The Ice Age Squirrel That Enabled A Plant’s Resurrection 31,800 Years Later
  • The First Video Game Came Long Before Pong And Was Invented By A Manhattan Project Physicist
  • Monster Hoaxes In The Age Of AI: Seeing Isn’t Believing Anymore
  • Everyone Thought This Ancient City Was Destroyed By Plague. A New Analysis Says It Never Happened
  • The “Mind’s Eye” Doesn’t Focus Like Our Vision, Even For People Who Have One
  • Strep Throat Or Sore Throat: What’s The Difference?
  • Reptiles “Pee” Crystals, But What Are They Made Of? Scientists Wanted To Find Out
  • A Vaccine For Stomach Ulcers Might Be On The Cards, And It Could Fight Off Cancer Too
  • Only One Place On Earth Now Remains Mosquito-Free As Iceland Records First-Ever Sighting
  • This Is One Of The Only Groups Of People Outside Africa Who Had Virtually No Denisovan DNA
  • Puzzling “Transient” Lights In The 1950s Skies Focused Around Nuclear Testing Facilities, Intriguing Study Finds
  • The Maya Calendar Had A Way To Predict Eclipses That Was Accurate For Centuries
  • “Elon Owes You $100”: Musk’s SpaceX Settles Lawsuit With Cards Against Humanity
  • Eyes To The Skies! The Special Orionids Meteor Shower Peaks Tonight
  • Flying Spiders Are Real, But It’s Not As Frightening As It Sounds
  • It Can Rain Monkeys In Florida, And The Reason Why Dates Back To The 1930s
  • New “Ghost Particles” Data Hints At Why The Universe Is Not Made Of Antimatter
  • Human Hybrids May Have Been A Hidden Factor In The Extinction Of Neanderthals
  • Elon Musk’s Classified “Starshield” Satellites Are Emitting An Unusual Signal, Amateur Astronomer Finds
  • Getting To Uranus Could Take Half The Time With SpaceX’s Starship
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version