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Australian Economy Webinar
John VirgoeFirst Secretary, Economic & Climate Change
British High Commission, Canberra5 December 2012
UNCLASSIFIED
Outline of Presentation
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1. Issues facing the Australian economy
2. Broad economic trends
3. UK-Australia trade relationship
1. Issues facing the Australian economy
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Election politics: in reality, much common ground between the parties. But expect fireworks over:
• The carbon “tax”
• Economic stewardship
• Unconventional gas
• Labour relations and productivity
Economic gloom: why are Australians so depressed?
Risks and worries:
• The two-speed economy
• The Eurozone crisis
• Fiscal contraction
2. Broad economic trends
UNCLASSIFIED 4
• Solid economic growth, with structural change.
• The shift to Asia.
• Changing consumption patterns.
3. UK-Australia trade relationship
UNCLASSIFIED 5
Asfd
Trade (continued)
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• Sterling down 40% against A$ since 2008
• UK has 3.9% share of Australian imports.
• Strengths in (goods): Cars, pharmaceuticals, sophisticated machinery & equip.
• (services) Travel, transport, insurance, business services, construction services.
• UK is Australia’s 6th most important importer, and sixth largest two-way trading partner. Australia is our eleventh biggest market.