Last chance to grab a bargain on this Aussie Christmas favourite

Aussies are being warned it could be the final Christmas to snag a bargain on “cheapish” lobster, as the industry regains access to one of its most profitable markets. The final block in a $20bn trade embargo on Australian exports to China has been lifted, with Prime Minister Anthony Albanese announcing he had struck an agreement with Chinese Premier Li Qiang to resume the live lobster trade. With now all eight commodities that were previously facing restrictions from the Chinese government being removed, there is an unexpected downside for Australian consumers. AMP chief economist Shane Oliver predicts it could be the last time Australians have the opportunity to buy a lobster for less over Christmas. “It’s not good news for prices, they’ll probably go up for the simple reason that when we couldn’t export to China meant there were more lobsters making their way to the Australian market,” Mr Oliver said. With trade due to resume by Chinese New Year on January 29, there is the strong possibility of one more Christmas with cheaper lobster. “There is a good chance that we can have cheapish lobster prices on the table this Christmas, although I would never say lobster is cheap, “ Mr Oliver continued. “Buy this and make the most of it, although the danger is if Australians buy this year the price will go up anyways.” Industry reacts While it might not be favourable news for Australian consumers, it will have a positive impact for farmers, producers and exporters. Seafood Industry Australia welcomes the news, calling it a “major win for some of the Australian sea food industry. “For the hardworking fishers, the coastal communities that they support, and for Chinese consumers and we are proud that our high-quality, safe, and sustainable lobsters will soon be back on Chinese tables,” a spokesperson said. “We have been able to open up an export market that is so important to the industry, profits and also jobs and wages for Australians,” Foreign Affairs Minister Penny Wong said. “This has occurred in the stabilisation in the relationship with China without compromising on Australia’s values. In 2022, the Australian seafood industry developed its first “whole of industry” export plan, setting a target to grow the value of Australian seafood exports to $2bn by 2030. The news of live trade resuming with China provides hope for achieving this goal and will aid in creating new jobs across regional, remote, and coastal Australia. “It’s good for Australia. There’s no doubt that anything that frees up trade and export opportunities for Australians is good news, but you might not see much impact on the macro economy, as the lobster industry is relatively small,” Mr Oliver said.