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AUSTRALIA - economic overview Lecture 6

AUSTRALIA - economic overview Lecture 6. AUSTRALIA economic overview. Economic trends &patterns Principal factors of change - POSITION Economic cycles Internal & external influences International positioning. 1. Economic trends & patterns. AUSTRALIA : a prosperous nation GDP

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AUSTRALIA - economic overview Lecture 6

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  1. AUSTRALIA - economic overview Lecture 6

  2. AUSTRALIAeconomic overview • Economic trends &patterns • Principal factors of change - POSITION • Economic cycles • Internal & external influences • International positioning

  3. 1. Economic trends & patterns • AUSTRALIA : a prosperous nation • GDP • Natural resources • Imports and exports • protectionism • International dependence • Adapting to globalisation

  4. 2. AUSTRALIA’s position • Source : Le dessous des cartes

  5. Prosperous but fragile • AGRCULTURAL ISSUES • Wheat & cereals • wool • wine • MINING • gold • Bauxite (aluminium) • uranium • Natural gas & oil • THE MANUFACTURING SECTOR • Steel works & shipping • Car industry • Textile industry • THE TERTIARY SECTOR • Transports & tourism

  6. Natural resources Source : Le dessous des cartes

  7. 3. Economic cycles • POST WW2 : THE BOOM PERIOD • Boosting primary and secondary industries: => reconstruction & a new consumer society • 1970s • The beginning of economic decline linked to a world recession • 1980s • The emergence of the impacts of globalisation • 1990s • repositioning AUSTRALIA in Asia • 21st CENTURY • Ambitioning as a regional world player • Unaffected by 2008 GFC (global financial crisis)

  8. 3. now • From the tyranny of distance to the advantage of adjacency • New markets (China, Japan, India & D. Korea) • Plenty of resources => minerals boom • Gas => Gorgon project in Western Australia • Iron ore => steel to build Asian cities and infrastructures • => prosperity • BUT • Also pushing up the value of the Australian dollar • Therefore making it expensive for: • foreign tourists • Foreign students • Wine industry

  9. 4. Internal & 5. external influences • POST WW2 : the MENZIES era (1939-41, 1949-66) • Protectionism, loyalty to GB, anti-communism • The return of the ALP (Australian Labor Party) • Important politicians • Gough WHITLAM (1972-75) • Bob HAWKE (1983-1996) • FRASER (1975-1983) • KEATING (1983-1996) • John HOWARD (1996-2007) • Kevin RUDD (2007-2010) • Julia Gillard (24/6/10- • The issues • Fighting the cultural cringe in the 1970s – (1973 Patrick White, Nobel prize for literature – The tree of Man) Schindler’s list by Thomas Kenally // Bee Gees, INXS, AC/DC • implementing the FAIR GO (justice, workers’ heaven) • Adapting to a global world • Re-thinking Asia • Customers – friends • Imports / exports

  10. 5. International positioning AUSTRALIAN lessons (to be taught / learnt): • POLITICAL: • Close to or far from (Asia or USA) • ECONOMIC: • Mining for big customers (China) • Asian partners • ENVIRONMENTAL – to think green or to be green? • Coal for power? • Water for agriculture (like California?) • Uranium sold to whom? • Green tourism

  11. AUSTRALIA’s interests • Source : Le dessous des cartes

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