Beyond the boom

In this Lowy Institute Paper, Dr John Edwards, Nonresident Fellow at the Lowy Institute, challenges the pessimism about the Australian economy. The mining boom is far from over – and it hasn’t been as important for Australian prosperity as widely believed.

John Edwards is a Senior Fellow at the Lowy Institute and an Adjunct Professor with the John Curtin Institute of Public Policy at Curtin University.

Key Findings

Australia’s mining boom is far from over – although it has not been as important for Australian prosperity as widely believed.
Much needs to be done to equip Australia to perpetuate its prosperity, but in tackling these challenges Australia comes from a position of strength.
The future of the Australian economy won’t be in what Australia digs, but in what it grows, makes and, above all, in the services it provides.

John Edwards is a Senior Fellow at the Lowy Institute and an Adjunct Professor with the John Curtin Institute of Public Policy at Curtin University.

Key Findings

Australia’s mining boom is far from over – although it has not been as important for Australian prosperity as widely believed.
Much needs to be done to equip Australia to perpetuate its prosperity, but in tackling these challenges Australia comes from a position of strength.
The future of the Australian economy won’t be in what Australia digs, but in what it grows, makes and, above all, in the services it provides.

Executive Summary

Beyond the boom is available to purchase from all good bookstores ($9.99) and online. An e-book version ($3.99) is also available. The Lowy Institute's Bligh Street headquarters has a limited number of copies available for purchase at our reception.

CONTENTS

Perplexed nation .............................................................. 1

Part One

The boom and after............................................................15

What boom was that?......................................................... 22

Exports, mining, production............................................... 26

Estimating the resource economy....................................... 29

Mining income and what happens to it ...............................34

Did the Australian government waste the boom?..................39

Feckless Australians?...........................................................53

The biggest terms of trade boom in history...........................59

Can Australia adjust to the end of the

mining investment boom? ...................................................67

How the mining boom will change ..................................... 73

Part Two

Quiet boom .........................................................................81

The black armband view of Australian

economic history..................................................................85

What we need for continued prosperity.................................92

Much of what we need, we have..........................................102

Part Three

Perpetuating success ............................................................111

Image courtesy of Flickr user Corrie Barklimore.

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