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Economic boom thanks to Asia's 'middle class': treasurer
16/07/2012 - The next economic boom to hit our shores will be consumer-based, thanks to Asia's rapidly growing middle class, federal Treasurer Wayne Swan says.
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In his weekly economic note, Swan said Asia's middle class was growing by about 10 million people every year.
This meant that within eight years there would be more consumers in Asia than in the rest of the world combined.
"Hot on the heels of the mining boom, a consumer boom is gathering momentum," Swan said.
Australia's tourism operators, education industry and manufacturers would benefit from Asia's boom, he said.
"Everyone knows sales of iron ore and coal have surged over the past decade, what's less appreciated is the fact that the exports of services to China are increasing quickly as well, at an annual rate of 17 per cent over the past decade," the treasurer said.
Swan was in Beijing last week to mark 40 years of diplomatic relations between Australia and China.
He held several key meetings and attended events on the economic opportunities for the two nations.
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