It may be stating the obvious the day after mining stocks were savaged on the ASX but a global credit rating agency says Australia is the "clear loser" from China's economic slowdown.
Standard & Poor's says China's trading partners must adjust to the Asian giant's slowing economy, with its commodity suppliers hardest hit.
"With China's slowing growth, Australia is a clear 'loser', reflecting its commodity-intensive export basket and strong trade links with the country," S&P's Asia-Pacific chief economist Paul Gruenwald says in a new report released on Wednesday.
"What was a blessing before is now a curse."
He said the impact from China is not just limited to Asia-Pacific but also Latin America and in particular Chile.
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Earlier this week, the International Monetary Fund said the weak commodity price outlook could subtract one percentage point annually from economic growth in commodity exporting countries like Australia over the next two years.
Annual Australian economic growth slowed to just two per cent as of June, well below its long term average of 3.25 per cent.
Other commodity-based countries like Canada and Brazil are already in recession.
Australian shares recouped some of Tuesday's near four per cent loss - or around $60 billion in value - after mining giant Glencore rejected fears that it can't withstand falling commodity prices.
