Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Australia's growing links to Asia: Powering growth

Australia's growing links to Asia: Powering growth

• Australia’s economic relationship with Asia continues to deepen
• Trade and population links between the two are already strong and getting stronger
• Financial ties are more limited but are expected to grow as Asia’s financial system matures

Australia’s pivot to Asia
Strong ties to Asia have been a key driver of Australia’s relative economic success in recent years. In our view, this story is not over yet. Trade links are still growing, with a further ramp-up in exports of iron ore, coal and liquified natural gas on its way, and we also expect rising demand for Australian food, tourism and education as Asia’s middle class incomes rise. Australia’s population is becoming more Asia-integrated due to strong migrant flows, which should help to facilitate greater trade and financial ties. While direct financial linkages to Asia are still small, we expect them to strengthen as Asia’s financial system matures. Growing links to the fast-growing Asian economies are a key reason for our continued optimism about Australia’s growth prospects.

Did you know that...

• In the past six years, Australia’s economy has grown 16%. By comparison, the US has grown 6%, while the British economy has not grown at all and Europe’s is 2% smaller. China's economy has grown by 65% ... or that ...
• ... no other OECD economy has a larger export exposure to Asia than Australia ... or that ...
• ... over the next six years the value of iron ore exports is expected to rise 54%, coal by 41% and LNG by 330%, as newly built capacity comes on line ... but that's not all ...
• ...Chinese tourist visits to Australia have increased by 110% in the past four years, in a trend that is set to continue ...

Click here for the full report.

ENDS

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.