Transcript AUSTRALIA
AUSTRALIA - economic overview Lecture 6 1 AUSTRALIA economic overview 1. 2. 3. 4. 5. Economic trends &patterns Principal factors of change - POSITION Economic cycles Internal & external influences International positioning 2 1. Economic trends & patterns • AUSTRALIA : a prosperous nation – GDP – Natural resources – Imports and exports – protectionism – International dependence – Adapting to globalisation 3 2. AUSTRALIA’s position – Source : Le dessous des cartes 4 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 5 Natural resources Source : Le dessous des cartes 6 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) 7 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 8 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 – – – – – – – • The issues – – – – • Gough WHITLAM (1972-75) Bob HAWKE (1983-1996) FRASER (1975-1983) KEATING (1983-1996) John HOWARD (1996-2007) Kevin RUDD (2007-2010) Julia Gillard (24/6/10Fighting 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 9 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 10 AUSTRALIA’s interests – Source : Le dessous des cartes 11