Hostname: page-component-848d4c4894-wzw2p Total loading time: 0 Render date: 2024-05-21T02:16:27.541Z Has data issue: false hasContentIssue false
  • English
  • Français

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
Get access Rights & Permissions [Opens in a new window]

Abstract

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

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

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.

References

Abelson, P. (1989) “The sad truth about real commodity prices” Economic Papers Vol. 8 No. 3 pp.92–98.CrossRefGoogle Scholar
Aspromourgos, T., White, G. (1990) “The EPAC ‘growth papers': An assessment” Economic Record Vol. 66 pp. 12–22.Google Scholar
Bureau of Industry Economics (1989) Information Bulletin 15: Trade Performance of Australian Manufacturing Industry, Australian Government Publishing Service: Canberra.Google Scholar
Chapman, B. , (ed.) (1989) Australian Economic Growth, Macmillan: Melbourne.CrossRefGoogle Scholar
Dixon, R. (1989) “Industrial structure” in Chapman (1989) pp. 81–100.Google Scholar
Eatwell, J. (1982) Whatever Happened to Britain?, Duckworth:London.Google Scholar
Ermini, L., Halevi, J. (1989) “Australia, Italy and the EEC” in Bettoni, C, Lo Bianco, J. (Eds.) Understanding Italy: Language, Culture, Commerce. An Australian Perspective, F. May Foundation for Italian Studies, University of Sydney, Sydney.Google Scholar
FitzGerald, V, Urban, P. (1989) “Causes and consequences of changes in the terms of trade and the balance of payments” in Chapman (1989) pp.240–261.Google Scholar
Foster, R.A., Stewart, S.E. (1991) “Australian Economic Statistics 1945–50 to 1989–90” Reserve Bank of Australia Occasional Paper No. 8.Google Scholar
Gruen, F. (1986) “How bad is Australia’s economic performance and why?”, Economic Record Vol. 62 pp.180–193.CrossRefGoogle Scholar
McLean, I. (1989) “Growth in a small open economy: an historical view” in Chapman (1989) pp. 7–33.Google Scholar
Maddison, A. (1989) The World Economy in the 20th Century development Centre Studies: OECD.Google Scholar
Nevile, J. (1990) ‘The case for deregulation: Economic science or ideology” The Economic and Labour Relations Review Vol. 1 pp. 71–80.CrossRefGoogle Scholar
Pope, R. (1981) “Revaluation: help or hindrance to Australian manufacturing?” Centre for Applied Economic Research Paper No. 14, University of New South Wales.Google Scholar
Rowthorn, B. (1989) “The Thatcher revolution” Economic Papers Vol. 8 pp. 1–23.CrossRefGoogle Scholar
Stegman, T. (1990) “The sectoral composition of capital expenditure in Australia” Economic Papers Vol. 9.CrossRefGoogle Scholar
Withers, G. (1987) “Labour in Maddock, R., McLean, I. (eds.) The Australian Economy in the Long Run, Cambridge University Press: Cambridge, pp. 248–288.Google Scholar