Benefits from bilateral trade keep rising
AUSTRALIA’S direct trade with China, its largest trading partner, has accounted for 5.5 percent of the former’s gross domestic product in 2014, according to a report on bilateral trade which was released in Parliament House in Canberra yesterday.
Commissioned by the Australia-China Business Council, the report said the benefits to ordinary Australian households from trade with China keep expanding, with the 2014 figure reaching A$16,985 (US$13,372), a fivefold jump since 2009 when data collection began.
Based on an exclusive business survey of over 200 Australian ACBC member firms, case studies from different industries, and a new data source, the World Input-Output Database, this report showed that, as in the preceding years of the resources investment boom, Australian governments, firms and households continue to benefit significantly and increasingly from Australia-China trade through growth in GDP, tax revenue, employment and real wages.
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