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The Resources Boom and Economic Policy in the Longer Run

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  • Peter Sheehan
  • Bob Gregory

Abstract

A major economic impact on Australia of the rise of Asia has been through the resources sector. Australia is experiencing the biggest and most sustained resources boom in its history, and over the past decade has sustained economic growth well in advance of its developed country comparators. The mining boom is yet to run its full course, but at this stage the lift in Australian income levels, compared to Australian OECD Europe and US relativities of a decade ago, is probably of the order of 25 per cent. We think of this extraordinary mining boom as moving through three stages: the increase in the terms of trade, an induced mining investment response and finally a significant increase in mining exports. This paper explores the implications and policy issues arising as the mining boom passes through these three phases. The emphasis is firmly placed on the medium term and the analysis is stripped back to what we regard as the essential elements of economic outcomes and needed policy responses as the mining boom runs its course.

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Bibliographic Info

Paper provided by Centre for Economic Policy Research, Research School of Economics, Australian National University in its series CEPR Discussion Papers with number 683.

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Date of creation: Mar 2013
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Handle: RePEc:auu:dpaper:683

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  1. Macdonald, Ryan, 2010. "Real Gross Domestic Income, Relative Prices and Economic Performance Across the OECD," Economic Analysis (EA) Research Paper Series 2010059e, Statistics Canada, Analytical Studies Branch.
  2. Gregory, Bob, 2011. "Then and Now: Reflections on Two Australian Mining Booms," IZA Discussion Papers 5969, Institute for the Study of Labor (IZA).
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Cited by:
  1. Tim Atkin & Mark Caputo & Tim Robinson & Hao Wang, 2014. "Macroeconomic Consequences of Terms of Trade Episodes, Past and Present," CAMA Working Papers 2014-11, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  2. Aaron Walker & Rod Tyers, 2013. "Quantifying Australia's "Three Speed" Boom," Economics Discussion / Working Papers 13-06, The University of Western Australia, Department of Economics.
  3. W. Max Corden, 2012. "The Dutch Disease in Australia: Policy Options for a Three-Speed Economy," Melbourne Institute Working Paper Series wp2012n05, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
  4. Bhattacharyya, Sambit & Williamson, Jeffrey G, 2013. "Distributional Impact of Commodity Price Shocks: Australia over a Century," CEPR Discussion Papers 9582, C.E.P.R. Discussion Papers.
  5. Rod Tyers, 2014. "Asymmetry in Boom-Bust Shocks: Australian Performance with Oligopoly," CAMA Working Papers 2014-50, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.

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