• 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Your email address will not be published.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

  • What Can Your Earwax Reveal About Your Health?
  • Ever Seen A Giraffe Use An Inhaler? Now You Can, And It’s Incredibly Wholesome
  • Martian Mudstone Has Features That Might Be Biosignatures, New Brain Implant Can Decode Your Internal Monologue, And Much More This Week
  • Crocodiles Weren’t All Blood-Thirsty Killers, Some Evolved To Be Plant-Eating Vegetarians
  • Stratospheric Warming Event May Be Unfolding In The Southern Polar Vortex, Shaking Up Global Weather Systems
  • 15 Years Ago, Bees In Brooklyn Appeared Red After Snacking Where They Shouldn’t
  • Carnian Pluvial Event: It Rained For 2 Million Years — And It Changed Planet Earth Forever
  • There’s Volcanic Unrest At The Campi Flegrei Caldera – Here’s What We Know
  • The “Rumpelstiltskin Effect”: When Just Getting A Diagnosis Is Enough To Start The Healing
  • In 1962, A Boy Found A Radioactive Capsule And Brought It Inside His House — With Tragic Results
  • This Cute Creature Has One Of The Largest Genomes Of Any Mammal, With 114 Chromosomes
  • Little Air And Dramatic Evolutionary Changes Await Future Humans On Mars
  • “Black Hole Stars” Might Solve Unexplained JWST Discovery
  • Pretty In Purple: Why Do Some Otters Have Purple Teeth And Bones? It’s All Down To Their Spiky Diets
  • The World’s Largest Carnivoran Is A 3,600-Kilogram Giant That Weighs More Than Your Car
  • Devastating “Rogue Waves” Finally Have An Explanation
  • Meet The “Masked Seducer”, A Unique Bat With A Never-Before-Seen Courtship Display
  • Alaska’s Salmon River Is Turning Orange – And It’s A Stark Warning
  • Meet The Heaviest Jelly In The Seas, Weighing Over Twice As Much As A Grand Piano
  • For The First Time, We’ve Found Evidence Climate Change Is Attracting Invasive Species To Canadian Arctic
  • 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