Last month, Australia funnelled more than a third of all its exports to feed China’s insatiable appetite for iron ore. Recent Australian Bureau of Statistics (ABS) data revealed that June saw a record month in history as exports of the Australian ore to the Chinese communist regime reached an unprecedented $15 billion (US$11 billion). This was out of $19 billion (US$14 billion) of shipments sent to China, breaking further records as Australian exports surpassed $40 billion (US$30 billion) in June alone. China even splurged on its second largest acquisition of Australian gold bullion worth $850 million (US$625 million), almost double what it had imported in May. But iron ore, Australia’s key cash cow, has reaped the benefits of skyrocketing prices which, for the first time, reached US$200 per tonne in May, remaining consistently above that figure throughout the month of June. This means that in spite of the bank-busting price tag, China consumption …