China’s climbing economy to boost Australian service industry exports
The export advantages, created by China’s economy, will be one of the topics on the agenda for tomorrow’s Annual Economic Roadshow.
Despite the strong Australian dollar, Australia’s service industry looks set to soar as China’s economy continues to grow.
China’s income has risen 15-20 percent, giving Australia’s service industry a direct export advantage.
“More people from China can afford to visit Australia and given our strong ties already we will see a natural lift in our tourism, education export and manufacturing businesses,” said Australia and New Zealand HSBC chief economist Paul Bloxham.
However, Export Finance and Insurance Corporation (EFIC) chief economist Roger Donnelly says that Australian exporters need to be adaptable to external market influences.
“Even though we are in the fortunate position of being tied in with Asia – the most energetic importer at the moment – Australian businesses still need to be prepared for economic, political and geopolitical fluctuations. If we don’t adapt well this will spell low growth, a volatile business cycle and international competitiveness problems,” explains Donnelly.
Bloxham and Donnelly will both be bringing their expertise to the Annual Economic Roadshow, to be held in Sydney tomorrow.
The event, hosted by the Export Finance and Insurance Corporation (EFIC) and the Export Council of Australia (ECA), will discuss how Australia’s current economic position can capitalise on international business growth.
Topics at roadshow will include: why Australian companies are seeking new opportunities in the Eurozone; growth opportunities in emerging markets, including Brazil, Middle East and Asia; and export opportunities for the Australian service sector.
“With the Australian dollar remaining high and sluggish and global demand continuing to make it tough, there are ways to make Australia’s export industry grow. This forum will provide insights into how Australian industry can take advantage of global opportunities,” said ECA executive director Ian Murray.