As Australia's domestic economy hits a brick wall sparking concerns of yet higher unemployment, rising mortgage arrears and higher business insolvencies, Australia's dominant export market – China – is in serious economic trouble.

If we are to see a period of ongoing Chinese economic weakness, it would present deeper problems for an already vulnerable global economy. It would almost inevitably see further weakness in commodity prices and the volumes of goods and services exported by Australian firms, dragging domestic economic growth yet lower.

After what for China is recessionary-like growth of 3.0 per cent in 2022 and a tepid recovery to 5.2 per cent in 2023, GDP growth is forecast to ease back to 5.0 per cent in 2024, dropping further to 4.5 per cent in 2025 and 3.8 per cent in 2026.