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Australia’s economy is going down and under
[Image: website-australian-economy.jpg]
Australia recently recorded its 104th consecutive quarter of growth without a recession, an achievement which breaks the record set by the Netherlands. It prompted Australia’s federal Treasurer Scott Morrison to claim that the economy was in “surprisingly good shape”. His statement is reminiscent of that old joke. How can you tell if a politician is lying? His lips are moving. 

Australia’s economy is not in good shape. Its growth has been built on demand for commodities like coal and steel from China and investment in an over-inflated property market that has been fuelled by years of cheap credit. These dual dependencies are about to be brutally exposed. 

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The biggest takeover of an Australian company on record was announced with the Unibail-Rodamco/Westfield M&A news which sparked a flurry to the upside in the Aussie, (French company has agreed to buy Westfield for USD 15.7bln), only to be met with stubborn US dollar bulls ahead of this week's FOMC announcements. 
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