National Breaking News

Australia enjoys a ‘dining’ boom

New figures suggest Australian exporters are enjoying the fruits of an Asian ‘dining boom’, replacing the nation’s income diet of a ‘mining boom’.

While iron ore and coal export prices took a bit of a hit during the June quarter, beef export prices soared seven per cent and there were also healthy price gains for dairy, cereal and fish products.

“Australia’s high-quality food products are in high demand from the rising middle classes of Asia, boosting fortunes of regional Australia,” Commonwealth Securities chief economist Craig James said.

“The ‘dining boom’ is continuing to replace the ‘mining boom’.”

However, this positive news came as China imposed a temporary ban on beef imports after raising concerns about the labelling of some recent shipments from six Australian processors, putting hundreds of millions of dollars at risk.

The Australian Bureau of Statistics’ trade prices indexes released on Thursday showed overall the Australia’s terms of trade or national income declined during …

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