China’s Hard Landing Could Deal Deadly Blow To Australia

Australia has enjoyed an economic windfall from high commodity prices in the last few years. The country is a leader in the mining and mineral exports industry and demand from China has been a driving force in the industry’s growth. Factors outside of Australian control, a growth spurt in China, created the boom in the mining industry there. Now those same external factors have changed. If China’s economy goes into spasms in the near future with so much of Australia’s growth banking on that country it could lead to big problems down under.

Australia’s mining industry accounts for around 5.6% of the country’s gross domestic product. The resources boom has made the nation the one of the...