This gives a boost to a country like Australia: our economy’s increased exposure to Asia – the part of the world where much of the growth is occurring – plus the high terms of trade make for an expansionary macroeconomic event.
At present Australia’s  1  At that time, my predecessor noted that structural factors such as the industrialisation of China had led to “the largest cumulative increase in our terms of trade since the early 1970s”. See Macfarlane IJ, “Opening Statement to the House of Representatives Standing Committee on Economics, Finance and Public Administration”, Canberra, 17 February 2006.