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Australia may be a ‘lucky country’ but luck can change. The economy relies on raw material exports and so is vulnerable to any plunge in commodity prices and if China were to slow down or the trade war with the US really spike, then Australia is vulnerable. The OECD put it this way “a negative external shock cold prompt a sharp cut to incomes, a rise in unemployment and downturn in consumption. This would increase mortgage stress and further escalate a fall in house prices. A currency depreciation would also be likely.”
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