Thankyou for your response, I can see the sense of what you're saying, unfortunately the Australian Populace can't see the nonsense of what they are doing (buying cheap low-quality goods).Waewick wrote:... we have made untold wealth from our ability to export raw materials and services to the international markets - imagine if China and Japan put up trade barriers you want here? we'd be f'd.
However, I don't really agree with the line I've quoted above - if a country needs a commodity they can't supply themselves, they are not going to shut the door on a country that is willing to supply it - that would be like "we would rather asphyxiate than breathe the air you can sell us".
The current scenario sees us selling top quality ore to China and buying back lower quality steel than we would make here ourselves with that same ore, and thinking we are getting a good deal because the steel is cheap, and we need it to be cheap because we don't have enough (steelmaking, among others) jobs here to keep us wealthy enough to buy our own higher quality steel.