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Australia Losing Vibrancy

Australia Losing VibrancyAustralia Losing Vibrancy

The boss of explosives group Orica has warned Australia risks facing a future that will look increasingly like “France and not Singapore” as the country loses its economic vibrancy and as China’s economy changes gear, ABC reported. “The dynamic, vibrant economy that I saw when I first came to Australia is not present any longer,” Alberto Calderon warned in an address to a Latin American business group late on Tuesday. “Our economy will look more and more like France, not like Singapore. But this is not inevitable; this can be changed.” The warning came as the easy gains to Australia’s exports from the surge in China’s standard of living, which had lifted demand for Australia’s exports of iron ore and coal, for example, is now maturing. Its rising standard of living and expanding middle class will lift demand for copper, instead, he said. “This optimism for the long-term copper outlook sits on the back of China’s economic progress and the increasing movement of its populace into the middle class,” Calderon said.

 

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