structural change

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Structural Changes in the Australian Economy: Part 1

Part 1 – The Modernisation of China, Our Commodities Boom, and Structural Adjustment. 

 

This article is the first of a series of macroeconomic analyses which I’ll be conducting on the changing structure of the Australian economy. In recent years, economic commentators and policymakers alike have been uttering the words “structural change” faster and more often than the RBA can say: “At its meeting today, the Board decided to…” As this term is likely to remain on everyone’s lips in the foreseeable future, it’s high time to make sense of it. We’ve all heard statements being thrown around like “once-in-a century terms of trade”, “two-speed economy”, and even “Dutch Disease”.

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