Growth Opportunities Due to Focus on China, North Asia: Australian Foreign Minister

On a day Australia’s current account deficit was reported to be $10.7 billion, Foreign Minister Penny Wong warned the country was missing out on investment opportunities in Southeast Asia. The foreign minister said the region had grown at an “explosive rate.” Speaking to the Asia Summit, Wong criticised Australian businesses for being too focused on China and North Asia, meaning other countries have capitalised on the fast-growing regions. “It’s a pretty confronting picture for a great trading nation like ours that has benefited so much from globalisation,” Senator Wong said. She further warned Australia was lagging, as investment from China and the United States doubled in Southeast Asia....