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- Australia & Pacific Political & Social Issues
Is Australia following the greece.?
Financial burden in Australia
It looks the economy of developed countries is downwards.After Greece ,Australia is under huge debts due to decrease in mineral prices.If situation not recover Australia could face financial crisis.
In the April report , Australia have loss of 4.14 billion dollar in its Trade. After reduction in the cost of iron Ore, Import-export difference increased.cost of iron ore is 50 dollar/ton which was 180 dollar/ton in 2011. similarly four years back Thermal coal was 180 dollar /ton and now it is only 60 dollar /ton.
In 2012 it share approx 65 % of service and Trade. so after drop in the cost ,Australia has taken the huge debt.