Structural transformation in growing open economies: Australia's experience

Abstract

Structural transformations in growing economies focus on sectoral shares of national output (GDP) and employment but typically give little attention to exports. This paper compares and contrasts evidence of trends in sectoral shares of GDP, employment and exports in Australia over the past two centuries with those of other advanced economies. Australia's experience is unusual in several respects, explanations for which suggest lessons for less-advanced resource rich economies. The paper concludes by questioning how societies' evolving environmental objectives, and recent influences on globalization, might alter in coming decades the structure of Australia's economy and its policies and institutions.