Free Newsletters - Space News - Defense Alert - Environment Report - Energy Monitor
. Energy News .




TRADE WARS
End of China boom a challenge, not a crisis: Australia
by Staff Writers
Sydney, New South Wales (AFP) July 18, 2013


Treasurer Chris Bowen on Thursday insisted an end to the Chinese resources boom was not a crisis for Australia's mining-driven economy, but admitted it was a challenge.

Australia's economy is facing a difficult transition from its reliance on commodities as China's growth slows and the resources investment boom peaks.

But on a day that ratings agency Standard & Poor's maintained its top-notch AAA sovereign credit rating for Australia with a stable outlook, Bowen said it was achievable with good governance.

"This is not a crisis. But it is a challenge," he told the national press club.

"The reality is that China is entering a new phase of its economic growth.

"What Chinese authorities are striving to achieve is stable, long-term single-digit growth. And that is the right approach. It's in Australia's national interests for China to go down this path."

Australia's economy grew at a slower-than-expected rate in the first three months of the year, expanding 0.6 percent on-quarter and 2.5 percent on-year suggesting the decade-long mining investment boom was unwinding

China's gross domestic product expanded 7.5 percent in the April-June quarter, data showed Monday, a second consecutive slowdown in growth as worries mount over the health of the world's number two economy.

Bowen predicted continued volatility in prices for Australia's key commodity exports such as iron ore and coal due to China's easing coupled with increases in global supply, underscoring the need to diversify towards other sources of growth.

"These transitions will occur inevitably," said Bowen, who inherited the Treasurer role last month after Wayne Swan resigned in the wake of Julia Gillard's ouster by new leader Kevin Rudd.

"The question is: will they be smooth or bumpy? Will the Australian economy benefit from them or suffer?

"Our challenge is in improving our productivity and competitiveness to assist in this transition.

"This is the key economic challenge for the next three years -- and lies at the core of Labor's positive plan to promote competitiveness to spur jobs and investment."

In reaffirming its AAA rating, Standard & Poor's said the Australian economy benefited from "significant fiscal and monetary policy flexibility, economic resilience, and public policy stability".

"We believe these factors provide Australia with a strong ability to absorb large economic and financial shocks, as was demonstrated during the global recession in 2009," the agency's credit analyst Craig Michaels said.

"Moderating these strengths are Australia's high external imbalances, dependence on commodity exports, and high household debt."

.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





TRADE WARS
Giant Posco scraps India plant in blow to investment
Mumbai, Maharashtra (AFP) July 16, 2013
South Korean steel giant Posco scrapped Tuesday a $5.3-billion deal to build a steel plant in India due to delays, in a blow to New Delhi's efforts to woo investors. The company said it was dropping the project in the southern Karnataka state because of problems in obtaining mining rights and vociferous opposition from local residents. "This is an example that doing business in India is ... read more


TRADE WARS
Six Tech Advancements Changing the Fossil Fuels Game

Free market is best way to combat climate change

Australia to scrap carbon tax for emissions trading

Australia to ditch pollution levy by 2014

TRADE WARS
FuelFX Brings Revolutionary Augmented Reality Mobile Apps to Energy and High-Tech Industries

Algerian energy sector in decline amid security concerns

Indonesian graft court jails third Chevron employee

Geothermal exploration causes quake in Switzerland

TRADE WARS
SOWITEC Mexico - strengthening its permitted project pipeline

Sky Harvest To Acquire Vertical Axis Wind Turbine Technology And Manufacturing Facilities

Wind Energy: Components Certification Helps Reduce Costs

Wind power does not strongly affect greater prairie chickens

TRADE WARS
HMC Farms Hedges Against Utility Power with Massive Cenergy Power Solar Farm

Solarcentury Africa ready for Southern African alternative energy generation boom

MECASOLAR exceeds 400MW supply of solar PV trackers

China to impose duties on US, S. Korean solar material

TRADE WARS
No radiation spike at Fukushima despite steam: TEPCO

S.Africa, EU seal nuclear energy deal

Chernobyl at Sea? Russia Building Floating Nuclear Power Plants

Greenpeace activists held after French nuclear plant break-in

TRADE WARS
CSU researchers explore creating biofuels through photosynthesis

Drought response identified in potential biofuel plant

Euro Parliament committee endorses cap on using crops for biofuels

Japan, China and South Korea account for 84 percent of the macroalgae patents

TRADE WARS
Medical quarantine over for Shenzhou-10 astronauts

China's astronauts ready for longer missions

Chinese probe reaches record height in space travel

China's space tracking ship Yuanwang-5 berths at Jakarta for replenishment

TRADE WARS
'Star Wars' desert set to be overtaken by sand dunes

EU hails China's commitment to climate change

Climate change could mean business opportunities, Britain says

Identifying climate impact hotspots across sectors




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement