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15 - Australia and the Global Economy

from Part III - Issues

Published online by Cambridge University Press:  04 May 2024

James Cotton
Affiliation:
University of New South Wales, Sydney
John Ravenhill
Affiliation:
University of Edinburgh
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Summary

The Australian economy performed surprisingly strongly throughout most of the five-year period under consideration. The performance was surprising, that is, given the troubles – concentrated in the years 1997–99 – that afflicted most East Asian economies, which together account for more than half of Australia’s exports. By the end of the five-year period, however, the triumphalism that had accompanied Australian official reaction to the Asian economic crisis began to look premature. In 1999–2000, the government had to apply the brakes (in the form of higher interest rates) to the economy largely because of external constraints: a worsening current account deficit and a depreciating currency. The economy was showing all-too-familiar signs of the stop–go pattern that had choked off growth in earlier periods. Fears were mounting that the economic growth that had occurred throughout the period – the country’s longest boom since the 1960s – was drawing to an end.

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Australia in World Affairs 1996–2000
The National Interest in a Global Era
, pp. 193 - 207
Publisher: Cambridge University Press
First published in: 2024

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