Australians Fed Up With Chinese Made Products & That’s Official
Australians are fed up of Chinese products and our reliance on China and that’s official.
According to a new YouGov survey, as many as 88 per cent of people thought the country was too dependent on Chinese imports.
ChannelNews understands that retailers are already witnessing a backlash to Chinese branded and Chinese made products
A staggering 98 per cent of older people said they wanted to see a boost to local manufacturing while seven out of 10 people said they had become more conscious of Australian-made products when shopping.
In the consumer electronics and appliance market brands such as the Chinese owned Fisher & Paykel (owned by Haier) which many consumers believe is a New Zealand or Australian brand, ASKO a former Swedish brand (Owned by Hisense) Haier, Hisense, Midea, Skyworth and Changhong and smartphone brands, Oppo, Realme, Xiaomi are all set to face a consumer backlash according to recent research.
‘Now more than ever Australians want to be making our essential products here,’ Australian Workers Union national secretary Daniel Walton told Herald Sun.
‘We don’t want to be reliant on China.’
As many as 82 per cent of people believe the government has a duty to use homemade products for infrastructure projects – even if it costs more money.
One market that is seriously turning up the pressure on China is India.
The sub-continent is the largest importer of Chinese goods and services and India’s trade deficit with China is among the largest among two major trading partners.
India imports from China nearly seven times more than it exports to that region.
Chinese smartphone brands currently power over $8 billion of India’s smartphone market by 51 percent. China exported well over 60 percent of electronic products and components in 2018-19.
This week Google moved to close down a Remove China App from the Google Play Store.
The app was designed to remove Chinese apps from Chinese made phones that could be a security risk.
More than 4.2 million people downloaded the app in the first 48 hours.
Australia’s legacy of the COVID-19 crisis which many believe came from China and was initally covered up by China’s Communist Government will be additional net debt of up to $620bn by the end of this decade, while the budget deficit will peak at nearly $200bn in the next financial year and will remain in deficit through to 2030, according to new Parliamentary Budget Office projections presented today by Prime Minister Scott Morrison.
The PBO estimates are based on the Reserve Bank of Australia’s three economic scenarios outlined last month in its Statement on Monetary Policy.
“Our analysis shows that the impact of COVID-19 may result in Commonwealth government net debt in 2029-30 being between 11 and 18 per cent of GDP ($500bn to $620bn) higher than it would have been otherwise,” the PBO reports reads.
The PBO said the higher debt burden is “largely the result of lower revenue and significant borrowing in 2019-20 and 2020-21 to fund the Government’s pandemic response measures”.
The PBO noted that Australia’s net debt relative to national output is still expected to remain lower than most developed countries.