We are 40% economically dependant on China and the question is will China bale us out again as it did 2009-12 through economic stimuli which sucked in our iron ore , coal & base matals and as such kept us out of recession.
We hear little now since the Fires and Corvid-19 about taunting China about its South China Sea islands and human rights abuses in Western China which at the time was interpreted by China as defacto support for Trump's economic war against China.
We have refused to be a part of China's "One Belt/One Road project ( exception Victoria State) which again was evidence that we were backing Trump.
What if China now sources its coal and iron ore elsewhere like ex Mongolia, Africa, Russia etc and leaves us out in the cold? What can we do.........bankrupcy...............another few states of the USA?
Our combined Government debt has topped $1.1 trillion without the Fires & the Corvid-19 further expenditure and loss of tax revenue being factored-in. This , IMO could soon baloon out to mare than our GDP. At present we are paying over $20 billion a year to pay interest only on accrued debt.
