The Resources Boom and Economic Policy in the Longer Run
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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- 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.
- Ryan Macdonald, 2010. "Real Gross Domestic Income, Relative Prices, And Economic Performance Across The Oecd," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 56(3), pages 498-518, 09.
- 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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