Professor Ross Garnaut recently signalled that Australia needed new industries built alongside mining and called for the exchange rate to come down about 40 per cent. Australia’s prosperity has been substantially dependent on supplying raw materials — minerals and energy — to feed China’s rapid growth over the past two decades. However, in an interview with MacroBusiness TV (May 21, 2013), Garnaut said that huge structural changes were underway in China’s econom…
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