Australia after the Resource Boom By David Hale of David Hale Global Economics September 2013

KEY CONCLUSIONS

• Australia is in the process of transitioning growth leadership from the mining sector to the other sectors of the economy
• The continued depreciation of a still-expensive Australian dollar will facilitate the transition process
• The expected decline in capital goods imports and increase in natural gas exports should help Australia produce large trade surpluses later this decade
• While the major Australian political parties have similar macroeconomic policy agendas, there are major differences in the parties’ microeconomic agendas
• The Liberal Party plans to repeal the carbon tax and the Mineral Resource Rent Tax when it comes to power
• Australia will assume leadership of the G-20 group at the end of this year
• How the Australian stock market performs in the coming years will depend just as much on how international growth evolves as it does on domestic factors

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