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In addition to the property market concerns, the Australian dollar has weakened significantly, falling from its previous strength above parity with the US dollar to around 70-80 cents. This depreciation has made Australia a more attractive destination for American tourists, leading to a surge in international visitors. The influx of tourists is particularly pronounced from China, reinforcing the existing ties between the two nations.
Furthermore, as Australia continues to be viewed as a clean and desirable destination, the growing wealth among the middle class in Asia enhances its appeal as an investment opportunity. Recent major investments, such as the acquisition of the Australian cattle company by a Chinese firm, exemplify this trend.