— This is the script of CNBC's news report for China's CCTV on August 5, Monday.
Welcome to the CNBC Business Daily.
Here's how Aussie markets closed after Prime Minister Kevin Rudd called for national elections to be held on September 7th.
(Sound on tape by Kevin Rudd, Prime Minister Of Australia: This election will be about who the Australian people trust to best lead them through the difficult new economic challenges which now lie ahead. New challenges brought about by the end of the China resources boom. New challenges also have to be confronted. The boom of course has fuelled so much of our nation's wealth. That boom is over.)
The federal election will now be held a week earlier than the date Former Prime Minister Julia Gillard nominated at the start of the year.. with voters having to decide between re-installing the labor party under Mr Rudd for another 3 years or changing the government and backing Tony Abbott and the coalition.
(Sound on tape by Tony Abbott, Opposition Leader: At last the choice is yours. It's not the choice of the caucus, it's not the choice of the faceless men, it's your choice about the government you have, about the prime minister you have. And the choice couldn't be clearer. The choice is between the positive plans of the coalition and more of the same under the Australian Labor Party and Mr Rudd.)
And here are some views from the street about the upcoming poll.
(Sound on tape by Paul Carberry, Undecided: Well to be honest I don't have a lot of respect for either Kevin Rudd or Tony Abbott.)
(Sound on tape by Edward Einfeld, Labor Supporter: I am going to be voting for Kevin Rudd mainly because he is a diplomat and I find that he's very, very good at dealing with other countries.)
(Sound on tape by Annabel Brophy, 12 Year Old Liberal Supporter: I am too young to vote but I have to say that this government needs to be strong.)
Meantime, speaking to CNBC, Colin Barnett, the Premier of Western Australia said that the weaker Aussie dollar was helping the WA's mining industry curb losses amid falling commodity prices.
He also said that despite slower growth in China, Australia's mining sector was still doing well.
(Sound on tape by Colin Barnett Premier of Western Australia: People talk of China being Australia's major trading partner, which it is… what they often forget is 73% of Australia's exports to china come from WA and it's from projects like this… china is still growing very strongly…. With 7% growth with a huge expansion of output and demand for iron ore, natural gas, copper, for gold and whole range of products, while prices have come off… that's part of the ups and downs of the mining industry… we are not heading into a recession… recession is when you decline… the mining industry might not be growing as fast as it was a few years ago, but it is still growing strongly.)
But that optimism wasn't shared by everyone..
Some executives attending the Diggers and Dealers conference in Kargoolie, Western Australia said that the fall in commodity prices was squeezing margins.
(Sound on tape by Jon Price, MD, Phoenix Gold: We've seen everyone struggling for capital market, or struggling for equity, we've seen the larger companies addressing their cost and that's left exploration in decline.)
(Sound on tape by Dan Lougher, MD, Western Areas: We've got some great assets, we've got good grades at low cash costs so its hurting but not to the point where. We're still producing margins unless some of the other guys they are really struggling.)
(Sound on tape by Gavin Thomas, CEO, Kingsgate Consolidated: Here in Australia, it's a bit tough. We need productivity gain; our workers and in terms of everyone in Australia needs to knuckle under, as I've said before. It's tough but it's not as tough as many people think it is. With gold prices right now, it's not bad. It's not great but it's not bad.)
Li Sixuan, from CNBC's Asia headquarters.