high time to invade cuba, page-41

My mistake Grant. We do indeed run a trade deficit with China, although approximately half the size of the trade deficit we run with the US, at A$5.9b with China vs $10.5b with the US in 03/04. We run a trade surplus with Japan of A$4b.

In fact, we are once again running an overall trade deficit with the world:

Australian merchandise trade, 2003-2004:
Exports (A$m): 108,905
Imports (A$m): 131,020
Total trade (exports + imports) (A$m): 239,925
Merchandise trade deficit (A$m): 22,114

You should perhaps be more worried about Australia's future than trying to nitpick China's with fanciful concepts about the ageing population there. China's GDP growth has been trending up and now pushing 10% per annum, yet you hopefully predict coming doom - (physician heal thyself eh?)

With Costello eyeing the old age pension and wondering about our ability to fund it going forward.

Not to mention Bush trying to PRIVATISE social security - bloody hell!!!! let's see what the white collar criminals can do with that! That is nothing more than a stupid ideological and opportunistic grab for moneys that people have put aside for their retirement to funnel into scams and lies that the chimp regime has and will become notorious for. First it was investors betrayed, next the retirees.

Watch it doesn't happen here with plausible apologists like yourself doing the spin.


Now look at the importance of trading partners to Australia (DFAT figures):

Australia's main export destinations, 2003-2004:
1 Japan 18.2%
2 China 9.1%
3 United States 8.7%
4 South Korea 7.8%
5 New Zealand 7.4%

Australia's main import sources, 2003-2004:
1 United States 15.2%
2 Japan 12.3%
3 China 11.7%
4 Germany 6.1%
5 United Kingdom 4.1%

Clearly China is the rising star with most potential upside, especially with the new energy supply contracts kicking in. Why the little wedgie thinks something can be done to even out the collossal trade imbalance with the US with the FTA is hard to fathom.

Australia would be going down the tubes fast if we relied on trade alone. However, there's one thing that keeps us afloat and that's our attractiveness to foreign investment:

As at 30 June 2004:
Level of Australian investment abroad (A$m): 557,336
Level of foreign investment in Australia (A$m): 1,058,482

Whether that's a good thing I guess depends on one's ideology and sense of nation. What is clear however is that Australia has far more to worry about than China. Successive governments have done little to change our economic mix, especially this government which deliberately chose to create an illusion of prosperity by fuelling real estate prices quite cynically.

Unlike the Chinese who very determinedly and affectively have a plan for their future, as the world's manufacturer of just about everything, Australia is still swimming aimlessly on a puddle of fortuitous good luck.