Expert says Japan crisis could cost Australian jobs

11:05, March 17, 2011      

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The recent Japanese earthquake and subsequent tsunami are likely to hurt the Australian economy, leading to job losses in Australia, an Australian academic said on Thursday.

The Japanese economy has been deeply affected by Friday's massive earthquake and the devastating tsunami it generated.

Japan is also facing a nuclear crisis from the severely damaged Fukushima nuclear power plant north of Tokyo.

Andrew O'Neil, professor of International Relations and director of the Griffith University's Asia Institute in Brisbane, said Australia could see job losses as a direct result of Japan's crisis.

"There will most likely be a collapse in Japanese consumer demand which will affect the longer-term demand for Australian resources," O'Neil told Australian Associated Press (AAP).

"We export twice as much coal to Japan than we do to China, but we only export a fraction of the amount of iron ore to Japan than we do to China."

He said Australia had enjoyed a strong trade partnership with a number of Japanese companies since the 1950s, including Toyota and Mazda, and Japanese financial institutions doing business in Australia.

"China's economic growth is slowing as well, so it's not too hard to see another global financial crisis emerging and it'll have a very direct impact on industry and jobs in Australia," O' Neil said.

Source: Xinhua
 
 
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