- Joined
- Dec 30, 2012
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The Australian Federal Governments recent decision to decline an invitation to join the new Asia Infrastructure Investment Bank ( AIIB ) as founding members is already being regretted by many Australian business leaders and political leaders. I was disappointed because improving the integration process with Asia is vital to Australia's short and long term economic future and this is made clear in the Federal Governments white paper - The Asian Century.
Many are saying the Federal Governments decision is a lost opportunity for Australia and I do agree however there is a bright side and that is that increasingly Australians are welcoming the rise of China rather than feeling threatened. Also, the political cognitive dissonance that western leaders have suffered with since the GFC in relation to acceptance of the changing status-quo of geopolitics and economic order that the rise of China represents is being overcome here in Australia - and the regret felt over the AIIB opportunity is evidence of this.
Asian nation - Australia - has an an export-driven economy and China is our most important trading partner accounting for over one third of Australian exports. Deepening Aussie integration with Asia is not only important to our economic future but is also important to regional stability. Australia has played an important role in regional development and stability through various initiatives with none more important than our role in the establishment of Asia Pacific Economic Cooperation ( APEC ).
Former Australian Prime Minister Paul Keating was one of the architects of APEC . In a 2012 speech Keating said - “When we Australians were running around North Asia in the early 1990s setting up APEC [Asia-Pacific Economic Cooperation] and the APEC Leaders’ Meeting, we were doing it not to become foreign policy busybodies – we were doing it because we saw it all coming,” Keating was one of the first western leaders to comprehend just how important Asia would become to Australia and to the global community.
As Treasurer and Prime Minister Keating steered Australia to play a significant role in the development of the Asian economy and regional harmony. Keating has continued to be a leading advocate for deeper Aussie ties with Asia since his retirement. It is interesting to note that Australia played a significant role in facilitating and contributing to the changing geopolitical status-quo and economic order that has caused some Australians to feel threatened.
Australia is an Asian nation but also a western nation and it is our traditional western identity that has caused many to believe that we must resist the tide of change that we had a hand in creating. Paul Keating is in my opinion Australias most important senior political figure and his voice continues to be of great importance to diplomacy between Australia and China. The active role that Australia has played in Americas attempted military 'pivot' to Asia to "contain China" has predictably caused regional tension. None have done more than Paul Keating to advance the argument that Australia should not blindly support the US side in a possible future Asian conflict or support American primacy in Asia. "I have long held the view that the future of Asian stability cannot be cast by a non-Asian power, especially by the application of US military force." - Keating.
Mr Keating was critical of current PM Tony Abbotts handling of the AIIB opportunity in a recent interview. “The government’s decision to decline founding membership of the Chinese-proposed Asian infrastructure bank is the worst policy decision the government has taken since assuming office,” - “It is the worst because of the far-reaching implications and consequences of deciding to have nothing geo-economically to do with China at a time when China is prepared to step up to greater responsibilities in the region.” - Keating. I agree with Mr Keating that our current political and business leaders must do more to capitalize on the hard work that has been done to get to this point but I also understand that current PM Tony Abbott has a difficult job of balancing east-west diplomacy and that the development of a truly Aussie positive consensus on Asian integration takes time.
Like I said, the bright side here is that the regret that is setting in over our lost chance to be founding members of the AIID represents the continued evolution of more positive, welcoming and friendly Aussie attitudes across the board toward rising China. Now the view is developing here that the rise of China is not a threat that must be contained but that to try to contain the rise of China is not only futile but also an economic and political risk to Australias future.
Over the last few days the Aussie media has been full of news items critical of, or concerned over the AIIB lost opportunity. In my opinion Greg Earl of The Australian Financial Review does a great job of communicating that the Federal Governments increasingly unpopular decision is out of step with reality and heavily influenced by loyalty to the US rather than common sense - "The significance of Abbott’s decision to reject a Chinese dominated infrastructure bank when most Australian premiers are chasing Chinese state-controlled investment in their own infrastructure projects is whether the balance has now shifted in that entente. China has proposed the AIIB in response to the reluctance of the US to change the ownership structure of existing global institutions like the International Monetary Fund where China has about one quarter of the voting rights of the US." - Greg Earl/The Australian Financial Review.
"The US and Japan also pressured South Korea, the other nation the Chinese were keen to enlist. It is understood South Korea looked to Australia for guidance and followed its lead in not signing up." Phillip Coorey/ The Australian Financial Review
This from leading Aussie journo Paul Kelly - "The issue has triggered a core split within cabinet over the classic dilemma for Australia's future — how to decide between China and our US-led alliance partners. Japanese Prime Minister Shinzo Abe was keen for Australia to remain tied to the existing institutions, the World Bank and Asian Development Bank, now dominated by the US and Japan." - Paul Kelly/The Australian. Gone are the days when Aussie media were dismissive of China and in that way I believe that our lost opportunity on the AIIB makes the brand new day for the global community that rising China represents shine brighter than ever here in Oz.
Many are saying the Federal Governments decision is a lost opportunity for Australia and I do agree however there is a bright side and that is that increasingly Australians are welcoming the rise of China rather than feeling threatened. Also, the political cognitive dissonance that western leaders have suffered with since the GFC in relation to acceptance of the changing status-quo of geopolitics and economic order that the rise of China represents is being overcome here in Australia - and the regret felt over the AIIB opportunity is evidence of this.
Asian nation - Australia - has an an export-driven economy and China is our most important trading partner accounting for over one third of Australian exports. Deepening Aussie integration with Asia is not only important to our economic future but is also important to regional stability. Australia has played an important role in regional development and stability through various initiatives with none more important than our role in the establishment of Asia Pacific Economic Cooperation ( APEC ).
Former Australian Prime Minister Paul Keating was one of the architects of APEC . In a 2012 speech Keating said - “When we Australians were running around North Asia in the early 1990s setting up APEC [Asia-Pacific Economic Cooperation] and the APEC Leaders’ Meeting, we were doing it not to become foreign policy busybodies – we were doing it because we saw it all coming,” Keating was one of the first western leaders to comprehend just how important Asia would become to Australia and to the global community.
As Treasurer and Prime Minister Keating steered Australia to play a significant role in the development of the Asian economy and regional harmony. Keating has continued to be a leading advocate for deeper Aussie ties with Asia since his retirement. It is interesting to note that Australia played a significant role in facilitating and contributing to the changing geopolitical status-quo and economic order that has caused some Australians to feel threatened.
Australia is an Asian nation but also a western nation and it is our traditional western identity that has caused many to believe that we must resist the tide of change that we had a hand in creating. Paul Keating is in my opinion Australias most important senior political figure and his voice continues to be of great importance to diplomacy between Australia and China. The active role that Australia has played in Americas attempted military 'pivot' to Asia to "contain China" has predictably caused regional tension. None have done more than Paul Keating to advance the argument that Australia should not blindly support the US side in a possible future Asian conflict or support American primacy in Asia. "I have long held the view that the future of Asian stability cannot be cast by a non-Asian power, especially by the application of US military force." - Keating.
Mr Keating was critical of current PM Tony Abbotts handling of the AIIB opportunity in a recent interview. “The government’s decision to decline founding membership of the Chinese-proposed Asian infrastructure bank is the worst policy decision the government has taken since assuming office,” - “It is the worst because of the far-reaching implications and consequences of deciding to have nothing geo-economically to do with China at a time when China is prepared to step up to greater responsibilities in the region.” - Keating. I agree with Mr Keating that our current political and business leaders must do more to capitalize on the hard work that has been done to get to this point but I also understand that current PM Tony Abbott has a difficult job of balancing east-west diplomacy and that the development of a truly Aussie positive consensus on Asian integration takes time.
Like I said, the bright side here is that the regret that is setting in over our lost chance to be founding members of the AIID represents the continued evolution of more positive, welcoming and friendly Aussie attitudes across the board toward rising China. Now the view is developing here that the rise of China is not a threat that must be contained but that to try to contain the rise of China is not only futile but also an economic and political risk to Australias future.
Over the last few days the Aussie media has been full of news items critical of, or concerned over the AIIB lost opportunity. In my opinion Greg Earl of The Australian Financial Review does a great job of communicating that the Federal Governments increasingly unpopular decision is out of step with reality and heavily influenced by loyalty to the US rather than common sense - "The significance of Abbott’s decision to reject a Chinese dominated infrastructure bank when most Australian premiers are chasing Chinese state-controlled investment in their own infrastructure projects is whether the balance has now shifted in that entente. China has proposed the AIIB in response to the reluctance of the US to change the ownership structure of existing global institutions like the International Monetary Fund where China has about one quarter of the voting rights of the US." - Greg Earl/The Australian Financial Review.
"The US and Japan also pressured South Korea, the other nation the Chinese were keen to enlist. It is understood South Korea looked to Australia for guidance and followed its lead in not signing up." Phillip Coorey/ The Australian Financial Review
This from leading Aussie journo Paul Kelly - "The issue has triggered a core split within cabinet over the classic dilemma for Australia's future — how to decide between China and our US-led alliance partners. Japanese Prime Minister Shinzo Abe was keen for Australia to remain tied to the existing institutions, the World Bank and Asian Development Bank, now dominated by the US and Japan." - Paul Kelly/The Australian. Gone are the days when Aussie media were dismissive of China and in that way I believe that our lost opportunity on the AIIB makes the brand new day for the global community that rising China represents shine brighter than ever here in Oz.
