'Stralya' Looking Rocky

Australia for years has been known as the lucky country due to its huge amount of natural resources such as iron ore, coal and gold.

With the rest of the world suffering from the aftermath of the global financial crisis, Australia's economy - closely tied to China - remained bouyant, with full employment and a healthy trade surplus.

However, a collapse in iron ore and coal prices coupled with the impact of large international mining companies slashing investment has exposed Australia's true vulnerability, with significant falls in export revenue the country’s trade deficit is currently over 4 billion per annum and rising.

NZ Herald