The Rising Influence of Rising Affluence

[DewDiligence]

Australia’s Growth Tied to China’s, Says BHP

[This is an excerpt from a news blurb on Australian TV.]

http://www.abc.net.au/am/content/2009/s2747059.htm

›November 19, 2009

...the explosive growth and demand for building materials which has driven Australia's resources export boom. Last night, the CEO of the world's largest mining company BHP Billiton told the Lowy Institute that China is essential to Australia's growth and Australia shouldn't take the business for granted.

Timothy McDonald reports.

TIMOTHY MCDONALD: The Government claims its stimulus package allowed Australia to weather the global financial crisis, while the Opposition claims it was the previous government's financial management that did the trick.

Last night, BHP Billiton's CEO Dr Marius Kloppers said his own industry deserves a slice of the credit too, and a rather large one at that… he's bullish about the longer-term future for Australia's mineral exports, largely because of the expanding market in Asia and particularly in China.

MARIUS KLOPPERS: Today Australia has got five cities with more than a million people, I think Europe has got 35. By 2030 China will have 220 and from now to then it will build 50,000 new skyscrapers or about 600 times as many as Sydney has got.‹