Economic consequences of globalisation: the Australian framework for reforms

Abstract

Australia has experienced significant reforms to policy affecting trade in goods and services, investment, and people. The contributions of these reforms to growth have been significant. However, the scope remains for significant further reform. The drivers of reforms since World War II are reviewed in this chapter. The consequences of globalisation in Australia and the slowdown in the pace of reform and its consequences, for productivity growth in particular, are also discussed. The Australian experience provides valuable insights for other economies, in relation to the scope and timing of reform and the role of supporting institutions.