The United States has declared it is Australia’s most important economic partner as it reinforces the benefits of the relationship between the two countries amid escalating tensions with China.
The US embassy in Australia released a report by Deloitte Access Economics on Tuesday that found its direct trade and investment contributed more than $130 billion to the Australian economy last year, or 7 per cent of GDP.
While China remains Australia’s biggest trading partner, the US was the biggest source of foreign investment in Australia. The US accounted for more than a quarter of all foreign investment and invested 40 per cent more in Australia than it did in China.
The US was “proud to be Australia’s most important economic partner”, US ambassador to Australia Arthur Culvahouse jnr said in the forward to the report.