A Lowy Institute Paper: Penguin Special
After decades of prosperity Australians are now worried about their jobs, their incomes and their future. The mining boom, said to explain Australia's past success, is declared to be over.
After decades of prosperity Australians are now worried about their jobs, their incomes and their future. The mining boom, said to explain Australia's past success, is declared to be over. Unemployment has increased, carmakers have folded, the government is running a huge deficit.
In a striking analysis, economist John Edwards challenges the prevailing pessimism. Cutting through the confusion, Edwards shows that the mining boom is far from over – and that it hasn't been as important for Australian prosperity as widely believed. We have a bright future in the world, and the economy is well configured to get us there. The bright future won't be in what we dig, though. It will be in what we grow, what we make and, above all, in the services we provide.
'Edwards' book is a rollicking read. He nails his colours to the mast, cherry picks the data and imposes his own clear interpretation on economic developments and reform options. It should provide the basis of reasoned debate on a very important topic – how Australia can enjoy ongoing economic prosperity on a sustainable and equitable basis.' The Lowy Interpreter
'[Throws] a large rock into the pond of what has become conventional wisdom. . . Edwards' intervention into the debate is an important one, and adds to a far older contest of views.' Australian Financial Review
'Edwards is right to highlight the diverse strengths of the Australian economy.' The Australian