Australia has been hit by a phenomenon not seen there for nearly 30 years: recession.
The pandemic is to blame but fraying relations with China threaten to make the downturn considerably worse. This week, Australia warned against travel to Hong Kong and suspended its extradition treaty with the territory, sparking a swift rebuke from China.
Bumper sales of iron ore and coal had pushed Australian exports to its biggest trading partner to a record A$150.5bn (US$105bn) a year by May. Yet beyond mining, geopolitical tensions are casting a shadow across Australian businesses, from banks and agricultural operators to housebuilders and airlines.
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