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Commissioned and authored by LEK Consulting The broader economic potential of Chinese visits to Australia explores the broader economic potential of Chinese tourists to Australia. Taking into account secondary transactions arising as a result of tourism - including education, goods and services, and growing Chinese investment in Australian – Chinese tourism presents an incredible opportunity for Australia, worth an estimated $140bn by 2025.
It is with great pleasure that I present to you this 2013 update of our report, the Benefits to Australian Households of Trade with China. The Australia China Business Council first commissioned this research in 2009. Since then, the Australian China relationship has continued to develop and strengthen. The relationship benefits Australian households in a variety of unassuming ways — be it through higher incomes and employment opportunities, access to a greater variety of lower cost goods and services, investment opportunities, business collaborations or improved community services.
China remains Australia’s largest trading partner. In 2012, Australians imported some $46 billion worth of goods and services from China. As a nation we exported nearly $80 billion to China — directly generating income and jobs for Australian households. Per household, this equates to around $14,480 of two-way trade. In just five years, this figure has increased by more than 50 per cent.
Enormous opportunities exist for commercial cooperation between Australian and Chinese businesses in the production, processing, distribution and sale of premium Australian food, wine and other beverages. Yet that cooperation is still in its infancy and the number of successfully completed and implemented deals remains modest. Numerous conferences, seminars and private meetings have been held over the past few years confirming the size and scope of opportunities. But now the time has come to move from the conceptual to the practical by identifying and, wherever possible, removing the obstacles to successful transactions being concluded. This is the purpose of the Australia China Food Summit being convened by the Australia China Business Council.
In April 2011, 170 guests from business, community and government organisations attended the launch by the Hon Tom Koutsantonis MP, of the White Paper entitled “Business engagement with China – a strategy for South Australia’s future”. The White Paper was developed by ACBC (SA) jointly with the Confucius Institute at the University of Adelaide and provides a platform for cooperation between government and industry in South Australia in the development and implementation of a state-wide strategy for South Australia’s engagement with China.
Officially launched in Brisbane on 21 May 2009, this report found that a bilateral trade and investment agreement would deliver more than $146 billion to the Australian economy over a twenty year period.
Prepared by the Centre for International Economics, this independent economic study demonstrates that greater trade and investment liberalisation would deliver a consistent 0.7 percent increase in consumption with a peak rise of 1 percent achieved within two years following the implementation of an agreement.
This report confirms ACBC's long held view that increased liberalisation would yield major results for the Australian economy. ACBC has taken this report to a range of stakeholders and called for the removal of bilateral barriers to services and merchandise trade and emphasising resulting gains to Australia's productive capacity.
This report was made possible by the generous support of Chalco Australia Pty Ltd.
Officially launched by Federal Minister for Trade and Competitiveness The Hon Dr Craig Emerson MP at an address to the National Press Club on 3 April 2012, this report found that trade with China benefits Australian households in income equivalent terms by more than $13,400 per annum.
Available online and at the newsstand, the Australia China Quarterly exists to lead public discussion about Australia’s relationship with its largest trading partner. Its mission is to seek a realistic baseline for people’s understanding of the relationship and what the two countries are actually about, to better inform journalists, politicians, public servants, business people and sinophiles alike.
ACQ brings you independent and realistic analysis along with views from people who have deep experience working with China, who typically speak the language if not live there and have track records of co-operative success. They know how to relate with China and are aware of huge untapped opportunity awaiting players with vision and initiative.
A new ACBC report shows that Australia is losing ground as a destination for Chinese investment dollars with Canada and the United States increasingly capturing larger Chinese merger and acquisition transactions and greater deal flow than Australia.
Written by respected former UBS China president John Larum and former Chinese Ministry of Commerce official Jingmin Qian, the report shows that from both China and Australia’s perspective, the relative importance of Chinese FDI flows into Australia have declined in both transaction deal flow and FIRB approvals.