As China’s economy stalls, Australia braces for the impact on its currency and tourism market

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The plan was to profit from Chinese pandemic recovery, before signs emerged that all was not well

The heavily reduced number of Chinese visitors, representing just 17% of pre-pandemic levels, has been linked to a shortage of flights, high air fares and a government ban on group tours; the latter only havingGrant Wilckens, chief executive of holiday park owner G’day Group, says the property downturn came at a difficult time.

Internal travel and overseas tourist numbers are closely linked to wider financial factors, with any weakness in an economy typically leading to a drop in travel. This then affects employment numbers in the tourism sector.series of product bans and tariffsRead more “That actually puts freight into the bellies of aircraft, creating more demand for flights in and out of Australia, with tourists on them,” he says.The Australian dollar is heavily influenced by iron ore price movements, which means that price weakness in the resources sector usually depresses the local currency, which is seen as a commodity currency and proxy for the Chinese economy., the lowest since last November.

“If the Chinese slowdown continues, then it could lead to a sustained drop in demand for Australian exports, meaning decreased revenues for Australia,” says Pruscino.

 

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