Australian Economic Update - Is Australia still developed country?
Australia’s trade data released today shows that our resources exports are in serious trouble. The news coverage has positively reported that our ‘trade deficit shrank in May’. But the lift in our exports this month was less than 1% and a blip compared to the shellacking our exports have received over the last 15 months. Our key minerals exports have plummeted 34 per cent since their peak – that’s a bigger fall than the GFC slump in 2008.