Iron ore safe for now amid China ruckus over subs, but experts warn on long-term outlook
While China's scathing reaction to Australia's nuclear submarine deal is unlikely to translate into short-term trade sanctions, experts caution some exports — including iron ore — may come under threat in the long term.
Lowy Institute China expert Natasha Kassam said this time, there was strength in numbers."China will be reluctant to single out one of those [AUKUS] partners for retribution and so perhaps it will hold its powder until another unilateral decision," she said.
Potential future issues in the Australia-China relationship may include the upcoming review into Chinese ownership of the Port of Darwin.China would also be angered if new Commonwealth powers were used to close Confucius Institutes at Australian universities.
In the meantime, Ms Kassam said there was not much Australia could do to repair the frosty relationship."The best-case scenario here is that Canberra and Beijing find a way to put a floor on this spiralling relationship and to stop this kind of tit-for-tat behaviour," she said. headtopics.com
"Australia would argue that it has only been responding to China's coercive actions but it's clearly not in both countries' interests to have this level of animosity."That was partly because while Australia's iron ore industry appeared untouchable for now, that would not be the case forever, Ms Kassam said.
Experts say China is seeking to wean itself off Australian iron ore in the long term.(ABC News: Rachel Pupazzoni)"It's very clear that Beijing is planning to wean itself off iron ore in the long term," she said."There's very little incentive from the Beijing side to try to improve the relationship."
Future changes to China's demand for iron ore is not the only issue affecting the future of Australia's economy."So much of Australia's coal and gas exports go to countries that have set net zero [targets] for 2050 or 2060," Ms Kassam said.
"The iron ore industry has to be worried about China as a market, but it also has to be worried about climate change, carbon taxes and other restrictions."Ultimately, a sustainable approach is going to require significant change in Australia and China is only a part of that story." headtopics.com
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Grow up and stop lying this had nothing to do with defense and was planned so they could bypass what blockades were in place for cheap unsafe nuclear power in Australia... i am not against Nuclear where it is needed but not in Australia next SCUMO will pass bills against all REs! Only China is supposed to have a military apparently. Why would an ally threaten Trade sanctions against other countries also having a defense force? Australia shouldn't defend itself? NuclearSubmarines
Long term outlook will be Australia becomes a nuclear weapons target. if there was a war we would be doomed with/without that sub Might have to make our subs out of aluminium, Of course. Without Australian supply,iron ore would sky-rocket to $1000 a ton All action have a reaction If China has a better option iron ore exports would already have been decimated. Really just dealing with the devil.
We've got lots of iron ore that we export to make things in China and then they sell it at a much higher cost to the whole world, if China stop buying what could we possibly do with it? If anyone has a solution please let us know 🤔 A ruckus over AUKUS. Appreciate the humour ABC. Protecting the country is not a threat to anyone .
Australia, US and Britain unveil new AUKUS defence pact to counter ChinaAustralia is set to acquire its first fleet of highly prized nuclear-powered submarines as part of the historic defence pact, hailed as the country’s most significant strategic move in decades. KnottMatthew latikambourke Warmongers KnottMatthew latikambourke Go to any coastal town in southern Australia (eg Portland) and you'll probably see a preserved 19th century gun battery, still standing guard against a Russian invasion...... Here we go again. KnottMatthew latikambourke ScoMo was so smug at the end of his announcement, a global embarrassment
China has 70 Submarines already 🤔. Xi started this tit for tat by the economic terror waged by Xi on Aussie, oddly punishing Aussie for Trump tariffs, China needs to throw Xi overboard he is erratic and manages reactively. Economic growth is a load of shit As a trading nation Australia may need 'defence' to keep lanes open with its major trading partners. So we spend $B45+pa defending our trade with China from China, a country that we sell $B130+ pa to (mostly stuff that can make weapons) & buy $B70+ pa from Yep makes sense?
When the pawn gets moved in a compromising position!
This pact ties Australia to any US military engagement against ChinaIt amounts to dramatic loss of sovereignty, writes the former Australian prime minister. A really dumb move. But what would you expect? Morrison has made it his goal to put us at loggerheads with China since he became PM. Best Prime Minister in my lifetime. But can’t agree with his anti-US, pro-China stance, even though some of the points are valid Australia is tied to any US engagement and Paul Keating knows this.
China applies to join Pacific trade partnership amid trade dispute with AustraliaChina's Commerce Minister submits a formal application to New Zealand's Trade Minister after it lobbied Australia to be included in the 11-nation free-trade pact. China will be shaking in their boots in.... In...... In...... 2040 That’s a good sign. I wonder if this will make the 6 o’clock news? TRADE is what it is all about and can build bridges, benefits and understanding between Countries.
'No doubt we will be hearing from China and no doubt China will be outraged'China will be left "outraged" by the newly announced defence pact between Australia, the US and UK, 9News political editor Chris Uhlmann says. Will we be parking the US subs in the port of Darwin that is owned by the Chinese? Who cares about what the CCP has to say - they should provide answers regarding the origins of COVID Good 😊
ASX set to fall, iron ore price tumbles, mostly negative day on Wall StreetAustralian shares are set to fall on Friday's opening after iron ore prices tumbled overnight. Wall Street had a mixed day of trading, with the tech-heavy Nasdaq closing higher on the back of strong retail sales. Guess who’ll be sad today. 😞
Australia news LIVE: Australia-US nuclear submarine deal to counter China, NSW health staff yet to get COVID vaccines, Victorian lockdown could easeAustralia and its allies are set to announce a major new security deal this morning to share advanced technologies including nuclear submarine technology. Thousands of NSW Health staff are yet to be vaccinated ahead of their deadline, while Victoria could ease some lockdown restrictions. Can Joe now give Morrison some vaccines? Mr. Morrison, be brave any give another try. Though you will get another rejection. That’s what Australian is requiring now, not nuclear weapon. ScottMorrisonMP Why is Porter still a Minister Does the Morrison Government have any morals ? Australia afternoonbriefing Dutton can’t build 1 isolation Quarantine Centre but can commit to war in transition to nuclear.!? Sink the Subs..!!! Close Pine Gap..!!!