China fails to learn from Trump backfire in trade war, is losing against Australia
Coal-loading terminal at Hay Point in Mackay Region, Queensland. Image courtesy of BHP Group.
(The opinions expressed here are those of the author, Clyde Russell, a columnist for Reuters)
China is paying a heavy toll for its efforts to punish Australia by banning or restricting certain commodity imports, while conversely, Australia seems to have avoided any serious financial ramifications so far.
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It is perhaps surprising that the authorities in Beijing, having witnessed how the trade war launched by former US President Donald Trump backfired on his own country, would be keen to try the same thing on Australia.
Consumer prices rose in Australia last year, bouncing back from record deflation in the June quarter despite the nation's first recession in nearly three decades. But the price rises are far from across the board.
China is paying a heavy toll for its efforts to punish Australia by banning or restricting certain commodity imports, while conversely Australia seems to have avoided any serious financial ramifications so far.
Aussies urged to continue stashing cash in 2021 Australians became much better savers in 2020 but concerns remain that this will continue in the months ahead
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Subscriber only Households have adopted excellent savings habits during the pandemic but experts fear it may come to an end in 2021. Latest Australian Prudential and Regulation Authority data showed Australians added a massive $110 billion to bank deposits between February and November - up on the $36 billion in the five months prior. But financial adviser Scott Haywood said while lockdowns, particularly in Victoria, resulted in many people having less opportunity to spend, this could dissipate in the coming months.
Despite a COVID-induced economic downturn, real estate remained resilient, ultimately emerging as one of the most in-demand jobs markets in Australia amid the pandemic.