page contents Coronavirus live updates: Australian death in Bali investigated for Covid-19 as Nev Power appears before Senate – latest – The News Headline

Coronavirus live updates: Australian death in Bali investigated for Covid-19 as Nev Power appears before Senate – latest

Australia is well-placed to lend a hand meet India’s financial aspirations. India is our second-largest supply of global scholars, and Australia advantages from a 700,000-strong Indian-Australian diaspora.

However subsequent month marks two years since former DFAT secretary, Peter Varghese, offered this Executive with the India Financial Technique, which used to be supposed as a blueprint to change into our financial engagement.

Since then the method has accumulated mud, proceeding years of failure via this Executive to adequately diversify Australia’s buying and selling financial system.

Beneath Scott Morrison as High Minister and Treasurer, Australia has transform increasingly more reliant on a unmarried buying and selling spouse. The one financial system that is dependent extra on China than Australia is Hong Kong.

As a substitute of industry diversification, Scott Morrison and his executive have overseen the percentage of Australian industry with China build up via a 3rd – from 19.eight in step with cent of Australia’s overall industry to 26.four in step with cent.

In the similar length, the percentage of Australia’s industry with Japan, South Korea, Singapore and america has declined and the percentage of Australia’s industry with India has greater via a measly zero.7 proportion issues – from 2.7% to a few.four%.

We recognise that India by myself does now not supply a paranormal answer on diversification, however the truth is that India has slightly rated a point out via this Executive.

Exertions introduced negotiations with India for a Complete Financial Partnership Settlement in Might 2011. The newest negotiation used to be 45 months in the past, in September 2015.

We are hoping this week’s digital summit yields greater than headlines aimed toward offering a distraction from fresh industry problems with China, and as an alternative marks an extended late shift in emphasis and a significant plan for diversifying Australia’s pursuits.

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