With China Coal Ban, Has Australia's Luck Run Out?
Australia missed the Great Recession. While economies in other developed countries swooned as Lehman Brothers went under, the Lucky Country kept expanding, thanks largely to the apparently endless appetite in China for Australian iron, coal, and other minerals. China is the country’s top trading partner, accounting for 36 percent of Australian exports. In 2009, when the U.S. economy contracted nearly 3 percent, Australia grew 1.8 percent, and last year the Aussie economy expanded 2.4 percent.