AUSTRALIA HAS LONG entertained an on-off relationship with Asia. Wander around the neat streets of downtown Sydney and it is easy to assume that you must be somewhere near the region: Asians already account for a significant proportion of laid-back Sydneysiders and evidence of their growing influence is everywhere.
Despite this apparent connection to Asia, Australia’s track record in capturing opportunities thrown up by the world’s fastest-growing economic region has been patchy. In its debt capital markets, success has been almost non-existent.
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