For more than three decades, Australia's strategy towards China amounted to little more than what Euan Graham characterizes as ‘open-ended economic engagement’ (p. 26). This approach had advantages. It allowed Australia to position itself as one of China's leading suppliers of commodities (like coal and iron ore) and services (like education and tourism). The benefits were significant: corporate profits were boosted and economic recessions were avoided. By 2020/21, trade with China had grown to more than US$150 billion dollars, with the balance very much in Australia's favour.