Australian Treasurer Frydenberg says trade issues with China are very serious
Says working hard to diversify export markets
- budget forecasts reflect the expected impact of China trade restrictions
- still expects resources exports to rise 5% in 2021/22 even with China action
Many of the public comments from Australian officials have been either playing down or hedging around the issues with China. Frydenberg with a bit of welcome honestly on the issue. You can't address a problem unless you first recognise it first.
AUD just off its session high.