'There one minute, gone the next': Banned industry's dire warning to Labor on Chinason dakika haberler

'There one minute, gone the next': Banned industry's dire warning to Labor on China 'There one minute, gone the next': Banned industry's dire warning to Labor on China Australia has never before relied so much on China for its trading wealth. But as the ...

'There one minute, gone the next': Banned industry's dire warning to Labor on Chinason dakika haberler

'There one minute, gone the next': Banned industry's dire warning to Labor on China 'There one minute, gone the next': Banned industry's dire warning to Labor on China Australia has never before relied so much on China for its trading wealth. But as the ...

'There one minute, gone the next': Banned industry's dire warning to Labor on Chinason dakika haberler
27 Mayıs 2022 - 08:30

Sondakika haberleri

'There one minute, gone the next': Banned industry's dire warning to Labor on China

Australia has never before relied so much on China for its trading wealth. But as the devastated rock lobster industry has learnt, the Asian giant can lose its appetite overnight.

Overnight, the value of a trade worth more than half a billion dollars fell from the sky, dragging the wealth and the retirement plans of thousands such as Mr Colero down with it.It was as concerning as it was unsurprising for Mr Colero, who said the size of the prize on offer in China meant "it was easy to get sucked into that one market – we were all-in".

He said the industry got greedy and was now paying the price."And with rock lobster it has gone wrong."federal Labor's ascension to governmentButAbout 80 per cent of Australia's lucrative iron ore exports are destined for China.Dr Gosens noted Australia's iron ore exports to China made up almost half of all global trade in the commodity.

Aussie power bills to soar from July 1 as regulator lifts key prices

The energy regulator today said it was raising direct market offer price caps, which is essentially what retailers are allowed to charge households and businesses. Read more >>

The heady days of the mid-2010s are now a distant memory for Mr Colero and others in the fishery. Two years ago, Australia's rock lobster industry became a high-profile casualty in the trade war between Beijing and Canberra . Overnight, the value of a trade worth more than half a billion dollars fell from the sky, dragging the wealth and the retirement plans of thousands such as Mr Colero down with it. Worst of all, the 64-year-old saw the whole thing coming. Just five years earlier, he had been elected to chair the board of the Western Rock Lobster Council on a platform of assessing the risks the industry faced. That assessment found WA's lobster fishermen were dangerously overexposed to a single market and a single product in live exports to China. It was as concerning as it was unsurprising for Mr Colero, who said the size of the prize on offer in China meant "it was easy to get sucked into that one market – we were all-in". China has overtaken Japan as Australia's biggest market for shipped natural gas. ( ) He said the industry got greedy and was now paying the price. "We're all businesspeople and I'm a market-based person who believes in the market economy," he said. "But I also understand you've got to have a short-term and a long-term view. "And if something does go wrong you've got to have something there to back you up … because sooner or later it will go wrong. "And with rock lobster it has gone wrong." Trade bans a 'cautionary tale' — which has affected commodities including coal, beef, wine, barley, timber and cotton — has gradually faded from the public's consciousness. And after federal Labor's ascension to government , hopes are growing for a reset of the relationship. But experts caution the bitter experience of the country's lobster fishermen should serve as a warning to all other industries still reliant on exports to the Middle Kingdom. Among them are the wool and natural gas industries, which have reaped high prices thanks in no small part to booming demand from the world's most populous nation. But standing alone is iron ore – Australia's most valuable export industry , worth a staggering $126 billion last financial year. Jorrit Gosens, a senior lecturer at the Australian National University's Crawford School of Public Policy, said Australia's iron ore trade to China was "the single most important trade relationship in global steelmaking". About 80 per cent of Australia's lucrative iron ore exports are destined for China. ( Supplied: BHP ) Dr Gosens noted Australia's iron ore exports to China made up almost half of all global trade in the commodity. By comparison, he said, Australian sales of thermal coal – blacklisted in 2020 – made up just 1.5 per cent of China's demand. Even if China were unable to go cold turkey on Australian iron ore, he said simply reducing its reliance would still send shock waves through the local economy. "The difference between coal and iron ore is that for coal they just said, 'We're not going to buy it anymore, forget it, we don't care', and it happened," Dr Gosens said. "With iron ore, I would not think they would even have a vision for, 'How are we going to get to zero imports from Australia'. "They just have a, 'Let's just take the top off a little bit'." 'Commerce reigns until it doesn't' James Bowen, a policy fellow at the Perth USAsia Centre, said industries which had so far been spared Beijing's ire could thank their importance to China's economy. But Mr Bowen cautioned it was a political and economic strength that could all too easily turn into a weakness. What's more, Australia was far more exposed to China than many of its allies, with almost a third of exports destined for the North Asian giant compared with less than 10 per cent of America's. China's economic miracle has transformed places like Shenzhen from villages to mega cities. ( Reuters: Kim Kyung-Hoon ) "You have to go back to look at the Europe, Ukraine-Russian situation," Mr Bowen said. "For years and years people have been telling Germany, 'You do not want this intense economic interdependence with Russia, it's going to be a problem at some point in time'. "But, you know, commercial logic reigns until it doesn't. "And I think in Australia it's the same situation, basically. "Geopolitics changes everything, conflict changes everything, but it happens in an instant." Mr Bowen said the geopolitical spark most likely to blow up Australia's economic ties to China was Taiwan, the democratic island republic that Beijing has long regarded as part of the mainland. He said a conflict over Taiwan would cleave the world in two, with China on one side and the US and its allies – such as Australia – on the other. Those risks were brought into sharp relief again this week when



Bu haber 56 defa okunmuştur.

YORUMLAR

  • 0 Yorum
Günün Başlıkları