Australia

Resource Rich

Australia is attractive because it is Resource Rich. It is a massive exporter of coal, iron ore, gold, uranium, nickel.

The country also has current “high” interest rates, which allow for more cuts and currency stability.

Australia is also geographically important because of its proximity to China, and in the past couple years, it opened up mining concessions for Chinese businesses.

Australia has A$52.2 billion (US$41.5 billion) in foreign exchange and gold reserves.

While commodity boom was in full swing, Australia was growing at an average rate of 3.6% a year… With that rise came the appreciation of the Australian dollar.

Of course, when commodity prices tumbled, this currency also fell. When financial institutions around the world seized up, Australia was forced to use some of its currency reserves to inject liquidity into its system.

Australia also started slashing its interest rates, which had been steadily climbing along with its currency.

That might have done the job, though, and now all the country needs do is wait for demand in commodities to return (which is expected to happen in the second half of 2009).

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