The use of quantitative import restrictions as an instrument of Australian economic policy, 1952-1960

Abstract

For several years after the 1939—45 war Australia retained her price controls and administered them rigidly in order to prevent inflation arising from the consumer demand which had banked up during the war. When a second round of world inflation arose with the abandonment of price control in the United States of America in 1946, the effectiveness of the Australian controls was perforce diminished : the higher cost of many imports raised domestic prices and higher export income increased purchasing power. Nonetheless the competitive position of Australia improved as retail prices increased far more slowly than import prices. Show more