Australia has begun following a special strategy of marketing education and vacations if other nations are not interested in its iron ore.
The export of services instead of importing Australian goods is the standard way of ensuring the nation’s economy does not lag behind other global economies in any manner. According to an article published by Wall Street Journal, “if they won’t take iron ore, give them an education and a vacation.” Seeing the falling demand of fuel from China, the nation aims at sustaining the challenge with the help of exporting its services by adjusting into new realities.
On Wednesday, the figures were released that indicated an unexpected rise in GDP to 0.6 percent in Q4, making the annual rise in the value to three percent. The growth came as a surprise as Australia saw a huge collapse in the commodity prices in recent times as far as exports were concerned.
Recently, some court files have been opened that showed Chinese corrupt money was being invested or used to enjoy Australia’s services, including education, property and tourism. The report also unveiled 71 cases in which illegal funds were found connected to Australia.
Transparency International Australia Chief Executive Phil Newman claimed that the global Corruption Perceptions Index witnessed Australia slipping for the third year in line. It is not in the top 10 anymore, lagging behind nations like Singapore, the United Kingdom and New Zealand.
“That’s indicative of the external perception of Australia and reflects an inertia and complacency about enforcement of foreign bribery laws. It’s not a good look and makes Australia a softer target. We’re greatly concerned about that,” Newman said as quoted by the Australian Financial Review.
With the huge downfall in iron ore demand that constituted the most of the export revenue for Australia, the nation has found a different strategy of serving the economies and surviving the economic challenges.