Australia's record run of economic good fortune at risk

Recession looms as coronavirus cripples China, which drives Aussie growth engine

People wearing face masks walk by Flinders Street Station in Melbourne on Jan 29, 2020. PHOTO: REUTERS
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Australia has enjoyed a world-beating 28 years of economic growth, marking an era of prosperity propelled by its startling dependence on trade with China.

In recent years, China has become the largest buyer of Australian commodities and the main source of its tourists and foreign students. China now accounts for 33 per cent of Australian exports - more than the combined amount of the next four countries, Japan, United States, South Korea and India. Australia is more reliant on trade with China than almost any other country in the world.

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A version of this article appeared in the print edition of The Straits Times on March 05, 2020, with the headline Australia's record run of economic good fortune at risk. Subscribe