Australian Economy Changes as Exports to China Slow

For 20 years, Australians have lived in an economic bubble. As other countries endured financial crises, property crashes, and dot-com busts, a generation of Aussies grew up without experiencing a recession.

China is a big reason for that economic resilience. Australia sailed through its toughest challenge, the global financial crisis, thanks largely to China’s appetite for mined-in-Australia iron ore, coal, and other minerals. China is Australia’s No. 1 trading partner, accounting for more than a third of its exports.