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China Set to Rescue Australia Economy at Just the Right Time

  • Commodities will help nominal GDP grow 5% next year: Macquarie
  • Government still not incorporating price spike into forecasts
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Cormann: Australia Not Banking on Rising Commodity Prices

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The news out of Australia isn’t all gloom.

While growth figures stank last quarter, the nation is again being cushioned by its status as the developed world’s most China-dependent economy. Surging coal and iron ore prices have helped ease an erosion of national income Down Under and, together with a slower slide in mining investment, signal better prospects ahead.