The Venezuelan crisis matters and there's much we can do

Increasing political instability in the region should directly concern us and Venezuela's economic prospects matter for Australia. According to DFAT, Australia only has "modest commercial cooperation" with Venezuela, with trade totalling $77 million in 2016. This might be higher were it not for Venezuela's diminishing wealth and conditions that make it unfriendly for foreign investors. For example, Venezuela has repeatedly tried to lure Australian investors to the Orinoco Mining Arc, but environmental and human rights concerns, plus the low levels of law enforcement, make investment a risky proposition for Australian interests. But Australia is more significantly embroiled with neighbouring countries affected by the Venezuelan migration crisis. More…