Martin Ferguson: "We’re a major exporter of thermal coal which is used in the development and energy, electricity systems such as on the east coast of Australia and also in parts of Western Australia, metallurgical...use the industry such as the making of steel.  You have a look at the growth in China, huge demand for metallurgical coal because of the building of infrastructure, railways, buildings, bridges, schools, hospitals etc, our iron ore and our coal in the mix creating wealth in China, creating a huge middle class which we’re also getting the benefit of.  Our fastest growing inbound tourism market at the moment is China.  We’ve got a growth of 16% and 18% per year, 650,000 tourists per year from China.  There’ll be 100,000 people going out of China per year on current trends in 2020.  And our target was a million, in my view we will reach a million before then.  So by creating wealth in China you’re creating a middle class that has got the same aspirations as us, educated children, access to opportunities to go overseas, experience the world.  But also for us another opportunity, as the middle class grows we’ll be able to export high quality food to China, manufactured food, that might be the solution to our manufacturing industry in terms of its future in the east to come to Australia."

Categories: Economy, Global Markets, Metallurgical Coal
Author: Martin Ferguson AM MP