The correction on the ASX can be traced directly to Beijing. Photo: Qilai Shen
Unlike nearly every other advanced economy during the past 25 years, Australia has not had a recession. Not since the short, sharp Keating recession of 1990-91. Our defences against a recession are now threadbare, in large part because the protection provided by the Great Growth Wall of China has been breached.
In the eyes of global market analysts, Australia’s 25 years of benefit from the Chinese economic miracle has rendered Australia an economic colony of China.
Hence the nine per cent hit to the value of the Australian stock mar…