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Australia's Prosperous 2000s: Housing and the Mining Boom

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  • Jonathan Kearns

    (Reserve Bank of Australia)

  • Philip Lowe

    (Reserve Bank of Australia)

Abstract

The 2000s was a particularly eventful decade for both the international and Australian economies. There were: two recessions in many countries; the largest international financial crisis since the Great Depression; the ongoing rapid development of Asia; asset booms and busts; and, Australia experienced the longest sustained increase in commodity prices and the terms of trade in the nation's history. This paper provides an overview of the Australian economy's performance in the decade. Several key topics are elaborated on, including the development of Asia and implications for Australia, policy frameworks, and the opportunities and challenges facing the Australian economy, with a particular focus on the expansion of household balance sheets and the rapid growth in the mining economy.

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Bibliographic Info

Paper provided by Reserve Bank of Australia in its series RBA Research Discussion Papers with number rdp2011-07.

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Date of creation: Dec 2011
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Handle: RePEc:rba:rbardp:rdp2011-07

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Keywords: Australian macroeconomy; economic performance; household balance sheets; terms of trade; monetary policy; fiscal policy;

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References

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  1. Heiko Steffens, 2010. "OECD. (2009). Promoting Consumer Education—Trends, Policies and Good Practices. Paris: Organisation for Economic Co-operation and Development. ISBN 978-92-64-06008-1. 189 pp., 30.00 EUR," Journal of Consumer Policy, Springer, vol. 33(3), pages 291-292, September.
  2. Judith Yates, 2011. "Housing in Australia in the 2000s: On the Agenda Too Late?," RBA Annual Conference Volume, in: Hugo Gerard & Jonathan Kearns (ed.), The Australian Economy in the 2000s Reserve Bank of Australia.
  3. Luci Ellis, 2006. "Housing and Housing Finance: The View from Australia and Beyond," RBA Research Discussion Papers rdp2006-12, Reserve Bank of Australia.
  4. David Gruen & Amanda Sayegh, 2005. "The Evolution of Fiscal Policy in Australia," Oxford Review of Economic Policy, Oxford University Press, vol. 21(4), pages 618-635, Winter.
  5. Paul Bloxham & Christopher Kent & Michael Robson, 2011. "Asset Prices, Credit Growth, Monetary and Other Policies: An Australian Case Study," NBER Working Papers 16845, National Bureau of Economic Research, Inc.
  6. Ross Garnaut, 2005. "Is Macroeconomics Dead? Monetary and Fiscal Policy in Historical Context," Oxford Review of Economic Policy, Oxford University Press, vol. 21(4), pages 524-531, Winter.
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Cited by:
  1. Stephen J. Knop & Joaquin L. Vespignani, 2014. "The sectorial impact of commodity price shocks in Australia," CAMA Working Papers 2014-19, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  2. Daniel Rees, 2013. "Terms of Trade Shocks and Incomplete Information," RBA Research Discussion Papers rdp2013-09, Reserve Bank of Australia.
  3. Ellis Connolly & Jarkko Jääskelä & Michelle van der Merwe, 2013. "The Performance of Resource-exporting Economies," RBA Bulletin, Reserve Bank of Australia, pages 19-30, September.
  4. Peter Tulip & Stephanie Wallace, 2012. "Estimates of Uncertainty around the RBA's Forecasts," RBA Research Discussion Papers rdp2012-07, Reserve Bank of Australia.

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