FPJ0704 Article - Australia's Primary Industries - A Bulwark Against External Shocks
Gibbons, D J
Farm Policy Journal, November 2010, Volume 7, Number 4, pp. 11-20 (10 pages)
Primary industries are of vital importance to the Australian economy and are widely held to have contributed to Australia’s recent strong performance in a time of global economic meltdown. More broadly, they have helped Australia to buffer itself against external economic shocks, by providing economic resilience.. They have provided much needed diversification at a time when the economy has come to be dominated by the services sector. In terms of competitive advantage, the structure of Australia’s primary industries and the institutions that oversee them have positioned these industries and Australia well to deal with future shocks. Past economic policies, focused on increasing productivity and removing trade barriers in order to make Australian primary industries more competitive have been largely successful. However, on particular issues like water, climate change and some areas of the law, policy has led to uncertainty and an inability to meet present and future challenges. Both water reform and greenhouse emission management could be solved using market-based mechanisms, and Governments need to act on these issues. Governments also need to act to improve Australia’s research and development (R&D) capacity in primary industries, to ensure more comprehensive research on the range of challenges that affect these industries.
$10.00
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