39% all goods exported from Australia in 2019-20 were to China. Of that 39%, over half of that was iron ore. Australian iron ore production is valued at $136 billion a year to the economy.
Unfortunately, Australia really doesn't have much leverage in this space, and forcibly re-nationalizing an asset like that, would cause major diplomatic problems, like the harsh trade sanctions imposed by China over the last few years due to Australia backing a COVID inquiry.
Unfortunately, Australia really doesn't have much leverage in this space, and forcibly re-nationalizing an asset like that, would cause major diplomatic problems, like the harsh trade sanctions imposed by China over the last few years due to Australia backing a COVID inquiry.