Australian Treasurer Jim Chalmers visits China amid concerns about China's steel sector impact on Australia's budget.

Australian Treasurer Jim Chalmers is visiting China for the first time in seven years, as China's faltering steel sector raises concerns about its impact on Australia's budget. This visit signifies improved diplomatic relations since China sanctioned Australia under the previous government. Chalmers warns that China's slowing economy and struggling steel sector could weaken Australian iron ore prices and potentially cost the budget $3bn over four years, highlighting Australia's economic dependence on China.

August 24, 2024
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