It is starting to hit home that most sectors of Australia's economy are not benefiting from the riches generated by the export of natural resources to China. National Australia Bank, one of the big four banks in the country has lowered its GDP estimate for 2012, saying that
Despite a mining boom, the Australian economy has performed poorly in the first few months of 2012, and policy makers are expecting unemployment to rise in coming months
(See Australian Bank Cuts Growth Forecast For Economy).
The tentative decrease from 3.25% to 3% is quite modest and will most likely be followed by further