Evidence is mounting that Australia’s economy is in trouble.
Australia basically operates as a supplier to the emerging world, where growth has been slowing.
It’s “a credit bubble built on a commodity market built on an even bigger Chinese credit bubble,” wrote SocGen’s Dylan Grice.
But it’s not just China and it’s not just commodities.
Here’s a look at the mix of Australia’s exports and their final destinations from Morgan Stanley’s Hans Redekar.
Photo: Morgan Stanley