The minerals boom and Australia's 'resource curse'

Australian Political Economy Movement
Publication Type:
Journal Article
Journal Of Australian Political Economy, 2008, 61 pp. 201 - 219
Issue Date:
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Resource wealth in Australia is often presented as an asset, waiting to be exploited. Reflecting this, the recent resource boom is unquestioned indeed celebrated - as a great windfall for the Australian people. There is a broad-based assumption that Australia's resource-based economy successfully diversified in the later twentieth century, while retaining a foundation in agricultural exports, and latterly minerals. As the saying goes, the country rode to prosperity 'on a sheep's back', and then on the back of the mining sector. The recent resources boom may be seen as simply the latest phase in that process, pump-priming the country's twenty-first century infonnation-age service economy.
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