Asian flows swamp 'crisis' boat
ANZ set out to bury the baloney on a rural debt crisis in Australia, with some wide thinking about where Australian agribusiness might end up.Australia was uniquely positioned as a "'health food shop' country," along with New Zealand, because of its high quality dairy and meat products, ANZ's Australian CEO, Phil Chronican, said yesterday."With targeted action, ANZ believes both countries could double the real value of annual agricultural exports by 2050. For Australia, this means an additional A$710 billion of revenue over the next four decades."Capital flows may even rival trade flows."ANZ estimates that the stock of Chinese foreign direct investment in Australia could be worth up to $200 billion by 2030," Chronican said at a lunch held by the American Chamber of Commerce in Melbourne.