Jim Chalmers will this month become the first Australian treasurer to visit China since before the pandemic, at a time when both countries' economies are faltering.
News of the upcoming trip emerged as the falling price of resources threatened household budgets across Australia and new polling revealed some ongoing difficulties for the government.
The treasurer pointed to falls in the price of iron ore and coal, forecast to be a $4.5 billion hit to the budget bottom line. On the all-important cost of living front, the poll indicates 51 per cent of voters held Labor responsible for tackling inflation, compared with just 27 per cent blaming the Reserve Bank.
"We don't pretend that there aren't complexities in this really important relationship, but it's a relationship full of opportunity," Chalmers said.The biggest factor pushing commodity prices lower is a downturn in the Chinese housing market, an added pressure for Chalmers as he prepares to become the first treasurer behind the bamboo curtain since 2017.
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