26 Feb 2007 report
Authors: Peter Downes and Andy Stoeckel
The structure of the Australian economy has changed significantly over the last five years. Services in the economy have grown and the mining sector has staged a rebound. Manufacturing production has switched to more ‘knowledge intensive’ goods that emphasise design and other value-added components. Firms have grown bigger and computerisation and information technology have replaced thousands of clerical workers who have found jobs in other service industries.
Assessing Australian economic projections towards 2020, this study utilises the AUSM model to map out the impact of the underlying forces behind structural change in the Australian economy over the last five years, and the outlook for change for the next five to ten years. It analyses some of the main factors that are driving change, the macro and microeconomic linkages and how the economy will respond. It also discusses implications for Australian business and industry policy.
We are grateful to the Commonwealth Department of Innovation, Industry, Science and Research (DIISR) for support and valuable comments. The views expressed in this report are those of the authors and not necessarily those of DIISR.
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