Business, Economics and Jobs

Kevin Rudd: Australia's Chinese-driven commodity boom is over

Just a few hours before Kevin Rudd became Australia's new Labor party leader this morning, he said the Chinese commodity boom had ended.

The remarks came during his announcement that he would stand for Australia's parliamentary spill — basically, that he was challenging now-outgoing PM Julia Gillard's leadership. 

Here's the full text from the relevant snippet:

I believe that what the nation needs now is strong, proven national economic leadership to deal with the formidable new challenge Australia now faces, with the end of the decade-long China resources boom and its impact on Australian jobs and living standards in the future. Given that our economic relationship with China alone now accounts for nearly 10% of the total size of our economy, this is a massive new challenge. 

Here's the clip (start around 3:32):

More from our partner, Business Insider:

30 stunning photos of everyday life in Havana

Our planet is exploding with ocean dead zones

The Gulf of Mexico's dead zone will be the size of New Jersey this summer

Two of China's biggest banks have stopped lending at some of their branches

The outgoing Sheikh of Qatar pulled off a financial miracle