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Then and Now: Reflections on Two Australian Mining Booms

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  • Gregory, Bob

    ()
    (Australian National University)

Abstract

Australia is experiencing its largest mining boom for more than a century and a half. This paper explores, from a national perspective, important economic differences that arise when a mining boom, such as the current one, is generated by export price increases (trading gains) rather than export volume increases. Terms of trade changes - through their direct trading gain effect and indirect real GDP effect, primarily through increased employment levels - have increased Australian living standards. The increase, relative to the US, is about 25 per cent; an increase which probably places Australian living standards well above those of the US.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 5969.

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Length: 41 pages
Date of creation: Sep 2011
Date of revision:
Handle: RePEc:iza:izadps:dp5969

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Related research

Keywords: resource booms; terms of trade; real GDP; economic growth;

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Cited by:
  1. Peter Sheehan & Robert G. Gregory, 2013. "The Resources Boom and Economic Policy in the Long Run," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 46(2), pages 121-139, 06.

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