Benchmark
Australia's Exports Narrow to Levels Near 'Banana Republic'
Paul Keating's warning in 1986 that sent the currency tumbling emerges again.
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Australia's export base has narrowed to levels approaching that of a "banana republic,'' a former government adviser says, raising the specter of the country's economic nadir almost 30 years ago.
The concentration of shipments abroad is at the highest level in more than 50 years, according to Andrew Charlton, who counselled former Prime Minister Kevin Rudd on economic policy. The nation's budget is "hostage'' to global iron ore prices, with a $10 drop taking up to A$10 billion from forecast revenue, he said.