What stops Australia setting up a spot price on all its commodities like beef, wool etc with the ASEAN countries. (Philippines, Vietnam, Thailand etc). If China decides not to buy our beef at $20kg, the spot price on the ASEAN market may go down to $10 kg and the rest of Asia could feast on cheap top quality Australia Beef at a discount price. Sure it would hurt the Australian farmers initially, but set up markets with others customers growing our industries as well.
