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Economy

6 Sept 2021

Australia to Diversify Economy and Rely Less on China

Australia to Diversify Economy and Rely Less on China

The Index Today

Treasurer Josh Frydenberg said on Monday that the country must diversify its economy to decrease its reliance on China. The country’s businesses should embrace for new tensions with China which has remained one of its largest trading partners.
The relationship between Australia and China began to deteriorate in 2018 after Huawei was banned from the 5G broadband network. An independent investigation was called to help determine the origins of the Covid virus after it was first reported last year.
China has retaliated by imposing tariffs on Australian products such as barley, grapes and wine. Frydenberg stated, “”It is no secret that China has recently sought to target Australia’s economy. Heightened Strategic competition is the new reality we face, now and likely into the future.”
Businesses are being encouraged to seek new markets with recently approved free trade agreements. According to reports, the nation is on the verge of entering a new recession as lockdowns increase. Exports to China have still seen an increase, with A$19.4 billion recorded from July 2020 to July 2021.