“The Australian economy must diversify to stave off China-shocks,” Reuters cites excerpts from a speech, the country’s Treasurer Josh Frydenberg is likely to deliver at a leadership forum at the Australian National University.

Additional quotes

"It is no secret that China has recently sought to target Australia's economy,"

"They have targeted our agricultural and resources sector, with measures affecting a range of products, including wine, seafood, barley and coal,"

“Urge the country's businesses to bolster their economic resilience by focussing on other export destinations besides China to "withstand any shocks we may face."

"The world we operate in has fundamentally changed. We face increased strategic competition. This will see our economic and security interests increasingly overlap.”

Market reaction

AUD/USD was last seen trading around 0.7440, down 0.24% on the day, as the US dollar rebounds amid a worsening market mood.

• AUD/USD eases from two-month top towards 0.7400 on sour sentiment