Worth a read...

Worth a read :
http://www.asialink.unimelb.edu.au/__data/assets/pdf_file/0005/545522/AANZDialogue2011_Final.pdf

"Australia Update:

Despite the fact that Australia is the
world’s 14th largest economy, enjoyed the
fastest growth in the developed world in
2011, and has an unemployment rate of just
five per cent, it was reported that there is an
undercurrent of pessimism in Australia. This
is largely due to its ‘two speed’ economy,
exemplified by the fact that growth stands
at six per cent in Australia’s mining states
and just two per cent in non-mining states.
The high dollar is also to blame with its
negative impact on tourism, education, and
manufacturing. These factors have resulted
in weak retail spending, though savings are
up ten per cent. New taxes on mining ‘super
profits’ and carbon emissions have gone
through Parliament, and a national broadband
network (NBN), representing a A$36bn
investment over ten years, have been major
domestic issues in 2011. It was also observed
that although Australia is a country faced with
no immediate threats, it is very concerned
about security.
Questions were raised about Australia’s
willingness to allow Asian investment and the
failed merger of the Singapore and Australian
Stock Exchanges (ASX). People in Singapore,
an ASEAN delegate said, were puzzled about
Australia’s response to the proposed merger.
It was acknowledged that Australians are
sensitive about foreign investment where
national icons, such as BHP Billiton or the ASX,
are concerned. Contrary to popular belief,
however, it was pointed out that in 2010 no
Chinese foreign investment applications
were rejected by the Foreign Investment
Review Board. In terms of aid, after a review
of Australia’s aid effectiveness in 2011, the
decision was made to increase its commitment
— from 0.35% per cent of Gross National
Income (GNI) (A$4.8 billion) in 2011–12 to
0.5% of GNI by 2015–16.#
United States President Barack Obama’s
visit to Australia in November 2011, and
Australia’s decision to allow an increase
in the presence of US marines in Darwin,
was discussed. An Indonesian participant
believed the decision signaled a ‘marker for
intra-regional rivalry’. This was countered by
an Australian who said that the agreement
simply reflected the evolution of Australia’s
US alliance. ‘ASEAN centrality’ he continued,
‘would not preclude Korea, Japan or Australia
enhancing their alliances.’ Generally there
was a reluctance to interpret the United
States’ expressed revival of interest in Asia
as a return to Cold War rivalry. Instead, it
was acknowledged that the region is clearly
in the process of transformation and a
central feature of that is a preference for
multilateralism. This was depicted as an
inversion of the ‘hub and spoke’ metaphor,
which previously placed the United States as
the hub, with its bilateral relationships the
spokes. ASEAN is now moving into position as
the hub and the major powers are its spokes"