The chairman of Australia’s largest company — commodity powerhouse BHP Biliton — said yesterday it was not clear whether recent commodity price declines had ended but he was unequivocally positive in the long-term.
According to The Australian, he said the outcome in Europe was totally unclear while US spending on healthcare and defense was unsustainable.
“You overlay on that an expectation that we all had — that countries like India and Brazil and Turkey and Indonesia, and maybe parts of Africa, would kind of fill in the gap that was going to be left, with China getting back to more sustainable levels of growth,” Mr Nasser said.
“That hasn’t happened.”
AUD/USD stops seen below 1.0440.