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8 results

  • 6 - Australia in the Global Economy

  • from Functional Themes
  • Edited by P. J. Boyce, University of Western Australia, Perth, J. R. Angel, University of Sydney
  • Book:
    Australia in World Affairs 1976–1980
    Published online:
    29 March 2024, pp 103-120

  • Summary

    The second half of the 1970s brought a marked deterioration compared with the previous five years in the underlying trends in Australia’s transactions with the rest of the world. The annual deficit on current account transactions averaged 2.1 per cent of nominal GDP (Gross Domestic Product) during the years between 1974/75 and 1979/80 compared with 1.1 per cent during the previous five years, and private capital inflow averaged 1.4 per cent of nominal GDP compared with 2.4 per cent in the first half of the decade. Several factors contributed to this worsening, and the worsening in turn evoked a number of new policy responses from the government. These developments will be described before a detailed account of various aspects of balance of payments trends is given.

  • III - Economic Policies

  • Norman Harper, University of Melbourne, Gordon Greenwood, University of Queensland
  • Book:
    Australia in World Affairs 1961–1965
    Published online:
    29 March 2024, pp 182-233

  • Summary

    In pursuit of its economic interests as a growing high income country, Australia continued to play an active part in world economic affairs during the ’sixties. Hitherto largely dependent on the West – particularly the United Kingdom – for much of its development capital and trade, it has increasingly felt negative pressures from Europe fortunately offset by positive opportunities in Asia and the Pacific. There has been a diversion of an increasing proportion of its trade to these latter areas, and a ready acceptance of a growing amount of capital from North America as well as from the United Kingdom.

  • Post-Keynesian essays from down under: Theory and policy in an historical context

  • Prue Kerr
  • Journal:
    The Economic and Labour Relations Review / Volume 34 / Issue 2 / June 2023
    Published online by Cambridge University Press:
    05 July 2023, pp. 250-262
    • Article
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  • ‘Post-Keynesian’ became an umbrella term for those heterodox economists wanting to move away from the dominant neo-classical paradigm but not comfortable with another umbrella term of ‘political economy’. This review is about the contributions to understanding societal and economic change from an established and internationally recognised group of post-Keynesian economists. Many of the features which differentiate them from other, and sometimes fluid, subsets of post-Keynesian economists derive from their Kaleckian inspiration.

  • Statistical Appendix: selected data series, 1800–2010

  • Edited by Simon Ville, University of Wollongong, New South Wales, Glenn Withers, Australian National University, Canberra
  • Book:
    The Cambridge Economic History of Australia
    Published online:
    05 September 2014
    Print publication:
    08 October 2014, pp 555-594

  • Summary

    This chapter discusses some of the key geographic shifts in Australia's international economic relations in the second half of the 20th century, particularly the refocusing of investment, trade and migration towards East Asia. It then examines the main explanatory factors and analyses the consequences of the shifts, which have primarily been increased material prosperity for most of Australia's population, a greater openness of the economy and society, and the adoption of multiculturalism. The main variable affecting international economic relations is the exchange rate. In 1972 a screening process was introduced to monitor foreign investment and limit takeover of Australian companies. The FIRB was established in 1975, and the screening process was tightened under successive governments. In 1983 the FIRB rejection rate doubled. Economic liberalisation in Australia and New Zealand was accompanied by deeper trans-Tasman integration through the 1982 CER Agreement.

  • 21 - A statistical narrative: Australia, 1800–2010

  • from Part 6 - Looking backwards and to the future
  • Edited by Simon Ville, University of Wollongong, New South Wales, Glenn Withers, Australian National University, Canberra
  • Book:
    The Cambridge Economic History of Australia
    Published online:
    05 September 2014
    Print publication:
    08 October 2014, pp 465-488

  • Summary

    Economic development has been a focus of much government policy throughout Australia's history. This chapter examines some of the major aspects of public policy in Australia between the late 19th century and the immediate years following World War 2. It focuses on major policy decisions relating to international trade, labour, immigration, competition, rural production and management of the economy during wartime. During the second half of the 19th century, Australia yielded vast wealth from natural resources. There were large discoveries of minerals, most notably those of alluvial gold in Victoria from 1851 onwards, but also copper in South Australia and gold in other colonies, in particular Western Australia towards the end of the century. Customs and excise duties were to become almost the federal government's sole revenue source for the first 10 years of Federation, and a major source in the years leading to World War 2.

  • References

  • Edited by Simon Ville, University of Wollongong, New South Wales, Glenn Withers, Australian National University, Canberra
  • Book:
    The Cambridge Economic History of Australia
    Published online:
    05 September 2014
    Print publication:
    08 October 2014, pp 595-656

  • Summary

    Over the past 30 years governments in Australia introduced a set of policies that have come to be known as microeconomic reform. This chapter provides an overview of main reforms and rationales. It describes a major area of reform, and evidence on specific effects of that reform, roughly in the sequence that the reforms occurred. Political economy has a major role in most accounts of the introduction of microeconomic reform in the 1980s and early 1990s. In particular, several factors assisted the federal Labor government of this period to introduce reforms. The reforms to regulation of the finance sector in Australia had been primarily implemented to improve the capacity to manage the macroeconomy. The chapter discusses agricultural sector, manufacturing industry, government sector, transport sector, communications sector, utilities sector, competition policy and labour market in Australia. Finally, it presents an overall assessment of the effects of microeconomic reform.

  • 20 - The evolution of Australian macroeconomic strategy since World War 2

  • from Part 5 - Building the modern economy
  • Edited by Simon Ville, University of Wollongong, New South Wales, Glenn Withers, Australian National University, Canberra
  • Book:
    The Cambridge Economic History of Australia
    Published online:
    05 September 2014
    Print publication:
    08 October 2014, pp 438-462

  • Summary

    The range and volume of local manufactures increased over time, but, in the 19th century, the natural resource sectors were the prime drivers of Australia's economic performance. This chapter explores the growth in employment, value of production and labour productivity of different industries. Nineteenth-century development laid a substantial foundation for industrialisation, manufacturing's share of GDP stood at around 12 per cent in 1901. The direction of technological change, until the 1970s, favoured high-volume production of standardised machinery, in particular, the capital-intensive mass production of standardised components to narrow tolerances, which also provided economies at the assembly stage. Consumer spending on durables began to increase in the 1920s with the introduction of more mass-produced and affordable items, beginning with the motor vehicle and household electrical goods, such as jugs, toasters and radios. Industrialisation added a range of new, technically sophisticated industries, including consumer goods, producer goods and intermediate materials, to the industrial base established by Federation.

  • 23 - Property rights regimes and their environmental impacts

  • from Part 6 - Looking backwards and to the future
  • Edited by Simon Ville, University of Wollongong, New South Wales, Glenn Withers, Australian National University, Canberra
  • Book:
    The Cambridge Economic History of Australia
    Published online:
    05 September 2014
    Print publication:
    08 October 2014, pp 511-529

  • Summary

    The service sector has been referred to as the 'Cinderella sector' because it is one of the least understood sectors of the economy. This chapter reviews the pattern of growth and places the Australian experience within the context of broader worldwide trends. Services may range from high-skilled, knowledge-driven activities to low-skilled and low-paid occupations. The diversified nature of the service sector not only creates definitional problems, but it also makes classification for evaluation purposes difficult. The history of service development in the 19th century was one of response to the transformation of colonial agricultural economies into industrial and urban states. The pattern of employment growth, particularly in the latter half of the 20th century, reflected that of other western economies. Finally, the chapter investigates three themes, such as professionalisation, innovation and regulatory influences, all reveal more of the significance of the service sector to the economy.