Australia is China's sixth largest trading partner; it is China's fifth biggest supplier of imports and its tenth biggest customer for exports. Twenty-five per cent of Australia's manufactured imports come from China; 13% of its exports are thermal coal to China. A two-way investment relationship is also developing.
China is Australia's largest two-way trading partner in goods and services, accounting for nearly one third (31 per cent) of our trade with the world.
Overall, China accounts for around 40 per cent of Australia's resource exports. Other exports could also be affected materially by a negative shock to growth in China. Since the early 2010s, China has become the largest market for Australian service exports.
Relations with China are one of the most important aspects of Australia's foreign policy. As an emerging great power in our region with whom Australia is developing a major economic relationship, good relations with China will become an increasingly prominent feature of Australia's international interests.
The worth of financial assets would fall by one fifth on average, and by one quarter in Australia. An end to trade across a bamboo curtain would hit Australia, since we export more resources to China than anywhere else and we import more goods from China than anywhere else.
Shared membership of important global and regional multilateral forums including the G20, APEC and the EAS. Australia has a mature relationship with Russia that allows us to confront our differences directly when necessary but work constructively where our interests intersect.
Although Australia is not a member of NATO, it has cooperated with NATO forces by sending military units to the wars in Iraq and Afghanistan.
“Tasmania has quickly returned to the top of the economic leader board, courtesy of consistently high rankings for the eight economic indicators,” Mr James said. “Queensland is also a stand-out – its best overall ranking. And the ACT impressively leads the economic rankings on three of the eight economic indicators.
In 2021, agriculture contributed around 2.27 percent to the GDP of Australia, 25.5 percent came from industry, and 65.71 percent from the services sector. The same year, the Australian inflation rate, another important key indicator for its economic situation, amounted to 0.89 percent.
The United States and United Kingdom are the biggest investors in Australia, followed by Belgium, Japan and Hong Kong (SAR of China).
Per capita, Australia has more people of Chinese ancestry than any country outside Asia. As a whole, Australian residents identifying themselves as having Chinese ancestry made up 5.5% of Australia's population at the 2021 census.
Since that time, United States has been the most important security ally. The close security relationship with the United States was formalized in 1951 by the Australia, New Zealand, United States Security (ANZUS) Treaty which remains the cornerstone of Australian security arrangements.
Australia does not possess any nuclear weapons and is not seeking to become a nuclear weapon state. Australia's core obligations as a non-nuclear-weapon state are set out in the NPT.
And it goes both ways The 2022 Asia NZ Foundation survey found Kiwis view Australia as their closest friend, with 84% seeing Australia as friendly (although I do think much of this has to do with NZ holding the Bledisloe Cup for the past 20 years).
Key engagement. Australia is a consistent supporter of Ukraine's sovereignty and territorial integrity and is proud to have contributed important defence, economic and humanitarian assistance to Ukraine in response to Russia's unilateral, illegal and immoral invasion on 24 February 2022.
As part of the coordinated international effort to hold Russia accountable for its actions, Australia has: Imposed targeted financial sanctions and travel bans on 843 individuals and 62 entities to inflict heavy cost on those responsible. Banned the import of Russian oil, petroleum, coal and gas.
At $20.49 trillion, the United States boasts the largest economy in the world and is China's largest trading partner. Last year, the total value of bilateral trade between the two countries was $737.1 billion, with U.S. imports from China valued at $557.9 billion and U.S. exports to China valued at $179.3 billion.
Tokyo/Perth | Australian beef exporters are on high alert following reports that China may temporarily suspend all meat imports from Australia and New Zealand due to concerns about foot and mouth disease.
Most of our imported petrol comes from Asia, with around 25 per cent of it coming from Singapore. The remainder is sourced from South Korea, Malaysia, China, the US, Japan and Thailand.