Australia in 2003

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Australians are not like the rest of us. Last year, when almost all the rich economies dipped into recession or slowed sharply, Australia continued to boom. What is more, while most big stock markets have fallen by one-third or so from their peaks in early 2000, share prices in Sydney touched a new high this year.

- The Economist, 4th April 2002

Introduction

In 2003, Australia was in its 12th year of uninterrupted economic expansion. The OECD1 described the Australian economy as one of the rich-world's best performers. Over the past ten years, Australia had enjoyed the fastest growth rate of any big developed economy maintaining an annual average growth of almost 4%. Australia was one of the largest countries in the world in terms of geographical area but one of the smallest in terms of population. The country had been labeled the lucky country for its natural endowments. Australia's prosperity was to a large extent based on raw materials. The country was among the world's top four producers of iron ore and bauxite. Australia exported large amounts of petroleum, copper, rare metals, gold and coal.

In addition, the country was one of the world's leading producers of wheat, wool, meat, and dairy products. But unlike many other countries, which had squandered away their natural advantages and faded into economic oblivion, Australia had been making various efforts to encourage more value-adding industries. Starting from the early 1980s, the country had also embarked on various economic reforms...

Excerpts >>

1] OECD, Organization for Economic Cooperation and Development, an international organization helping member countries tackle the economic, social and governance challenges of a globalized economy.

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