11.43 am, Thursday May 24 2012

Joyce says economy dependent on China

14:31 AEDT Wed May 18 2011
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Opposition frontbencher Barnaby Joyce has taken a swipe at the Gillard government's approach to the economy, saying it had an unbounded belief in Asia's demand for Australia's resources.

"God help you when the prices go down," he told reporters in Canberra on Wednesday.

The government's approach to economics was "a clever ability to charge people to dig up red and black rocks".

"They (government) have an unbounded belief that the people in South-East Asia will have an eternal gratitude to pay an excessive price for red rocks and black rocks."

Senator Joyce was responding to comments Treasury secretary Martin Parkinson made in a post-budget speech on Tuesday.

Dr Parkinson defended Australia's trade exposure to China, disagreeing with views that the link puts the economy at risk.

He rejected the views of some commentators that the next mining boom was at risk because it was driven primarily by demand from China.

Dr Parkinson conceded there were short-term risks around a positive long-term outlook for growth.

 

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