Australia bet the house on never-ending Chinese growth. It might not end well

Assumptions about coal and iron ore exports helped build Australian prosperity. But with China's economy threatening to unravel, a less rosy picture is emerging

Over the last couple of decades, China has undergone profound change and is often cited as an economic growth miracle. Day by day, however, the evidence becomes increasingly clear the probability of a severe economic and financial downturn in China is on the cards. This is not good news at all for Australia. The country is heavily exposed, as China comprises Australia's top export market, at 33%, more than double the second (Japan at 15%).

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