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Australian Economic Growth: A Structural Perspective (A Preliminary Report)

Published online by Cambridge University Press:  01 January 2023

Joseph Halevi  and
Peter Kriesler
Joseph Halevi
Affiliation:
University of Sydney
Peter Kriesler
Affiliation:
University of New South Wales
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Abstract

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In this paper we argue that Australia’s current economic problems are not just the result of our being at the bottom of the cycle, but rather reflect a longer term decline. The reasons for this decline are located in structural problems relating to the decline of the industrial sector and the increasing unreliability of the export sector. We view industry as the core sector which generates technology and growth. Within the industrial sector, capital goods producing industries are the ‘hot bed’ (so to speak) of structure change and technical progress. Australia has let these industries decline. As a result, traditional remedies in the form of either demand management policies or ‘waiting for the world recovery’ will not be enough. In fact, recent economic policies, rather than being a panacea, have exacerbated the problem.

Type
Research Article
Information
The Economic and Labour Relations Review , Volume 2 , Issue 2 , December 1991 , pp. 131 - 142
Copyright
Copyright © The Author(s) 1991

Footnotes

We wish to thank, but in no way implicate, Ian Inkster, Greg Mahony, John Nevile and Trevor Stegman of the University of New South Wales, Bruce MacFarlane of Macquarie University and Harry Bioch of the University of Tasmania.

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