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Australian businesses must make efforts towards repairing ties with China, the country’s Trade Minister Dan Tehan said after launching a final joint report by Asia Society Australia and the Business Council of Australia.

Key takeaways

“A Second Chance: How Team Australia can succeed in Asia”,  makes 24 recommendations on how Australia can diversify its trade across Asia by employing a “China and” rather than a “China or” strategy, while also acknowledging that Asia, with China at the forefront, “is not waiting for us”.

“When it comes to China, business must step up to the plate.”

“While [government officials]can’t deliver the message now, we need businesses to step up to deliver that message.”

“Australia will protect its national interest.”

“Looking at expanding travel bubble with Singapore.”  

AUD/USD remains vulnerable

Despite the uptick in the S&P 500 futures, the Asian equities trade mixed, offering little impetus to the AUD bulls.

AUD/USD was last seen trading at 0.7610, neutral on the day.