Which Victorian trade partners are vulnerable?
Victorians are vulnerable to financial shocks as global economic tensions continue to build, according to a new report by the Institute for Trade and Development Policy.
It also warns that the Australian economy could be in for a tough time as the global economy takes a beating.
The report warns that trade, capital and investment will take a hit if the global economic system stalls, with Australia’s global reputation damaged.
“Trade is an important pillar of the Australian economies success, but its not enough to sustain a thriving, stable and competitive economy,” the report says.
Australia is an international trading partner with a wide array of global and domestic markets.
But it is one of only four nations in the world that is dependent on the global financial system.
In the report, a wide range of economic factors are linked to the stability of global financial markets, including the financial stability of the world economy and the quality of the global supply chain.
For example, the report said Australia’s trade surplus with China has been shrinking, with China’s capital account growing by $11.6 billion last year, to $11 trillion.
At the same time, Australia’s capital trade with India has been growing rapidly, with the Chinese capital account increasing by $5.3 billion last years to $8.2 trillion.
In a related note, the Commonwealth Bank also released a new study that found a significant share of Australia’s export income is generated by investment in the country’s agriculture sector, which contributes to the economic success of the nation.
And the report also noted that Australia’s international trading partners have strong economic relationships with the United States, the European Union and China, with which Australia has maintained a close economic and diplomatic relationship since the end of the Cold War.
Key points:Australia’s trade deficit with China grew by $1.2 billion last financial year to $7.2tr in 2016Source: Commonwealth Bank reportIt also said Australia is a major trading partner in the European Economic Area, with more than $17 billion of trade between the two countries in 2016, with most of this coming in goods.
The report also warned that Australia is dependent upon global capital flows, and warned that financial markets are vulnerable.
“[The] global economic environment is not healthy, and a global financial crisis could disrupt the global capital flow, which could lead to an even wider contraction in the global trading system and the economy,” it said.
Its report also highlighted the negative impact of trade disruptions on Australia’s domestic economy.
According to the report’s report, Australia has lost over $2.3 trillion to overseas trade since the start of the economic downturn in 2009.
This includes $1 trillion lost in exports to China, $400 million lost to the United Kingdom, and $60 million lost from South Korea.
However, the bulk of the losses have been to the export-oriented sectors such as mining, aviation and automotive, with a $40 billion loss to the automotive sector in 2016.
In addition, the study noted that trade disruptions are also a drag on Australia as a whole.
Australian trade turnover fell by $3.6bn in 2016 to $18.7 billion, the worst year for the country since 2001.
That year, the economy also suffered a decline in consumer spending due to the financial crisis.
The Commonwealth Bank’s report comes amid a global economic slowdown.
Chinese capital account has been increasing by more than a trillion dollars a year since 2009, which has been driven by a global trade imbalance between China and the rest of the Asia-Pacific region, it said in a statement.
Analysts say the current global financial climate is expected to lead to a sharp slowdown in the economy and economic growth in Australia.
Some of the effects of global economic uncertainty are already being felt in Australia, with exports to South Korea and the United Arab Emirates also slowing this year.
While the Commonwealth said the economy has shown signs of recovery, it also noted Australia’s economy could take a heavy hit if financial markets continue to fall.
We have a real risk that a global recession and financial turmoil is on the horizon, the group said.
“It’s not just about the current downturn, it’s about what is coming next,” it added.
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