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Australia set to benefit from rising consumption in Asia

29 May 2013

Australia is well-placed to benefit from the region’s rising consumption, according to Australia’s Parliamentary Secretary for Trade, the Honourable Kelvin Thomson.

Mr Thomson said Australia’s trade patterns have shifted sharply from the Western focus 10 years ago, with China, Japan, the Republic of Korea, India and the Association of South East Asian Nations now absorbing about three-quarters of Australia’s exports.

Four of the world’s largest economies were expected to be in Asia – with China first, India third, Japan fourth and Indonesia tenth – by 2025.

“And it will have a middle class of more than 3.2 billion people buying consumer durables and other high-end goods and services, such as education and travel,” Mr Thomson said.

He said the Asian Century White Paper would ensure Australia maximised this benefit by connecting to growing markets, nurturing deeper relationships and other strategies.

“Australia will be at the epicentre of this growth,” Mr Thomson said.

“No longer will Australia be disadvantaged by the tyranny of distance, but will be advantaged by the convenience of proximity. Over the coming years we have the opportunity to position ourselves so that we can be right at the epicentre of the Asian Century,” he said in a recent speech.

He said recent reforms to the Export Market Development Grant Program (EMDG) for Australian exporters are also consistent with our Asian Century White Paper targets to increase our engagement with Asia.