Australia and Asia in the Last 50 Years

By yorka

  • Oil Discovered in Dubai

    (Department of Foreign Affairs and Trade, 2016)

  • Japan Becomes Largest Export Market

    Japan replaces Britain as Australia's largest export market as part of economic policy to have significant diversification of trade (Smith, 1997).

  • Urbanisation Begins in China

    This created a demand for building materials, energy for electricity and transport, and raw materials for manufacturing (Holmes, 2016).

  • Great Britain Joins the EEU

    When Great Britain made the decision, Australia's trade with Europe declined significantly (McInnerey, 2014).

  • China Embarks on Major Economic Reform

    Changes include the liberalisation of foreign trade and investment, among other measures. The Chinese economy annual growth rate pre-reform was 6%; post-reform it reaches above 9% (DFAT, 2016).

  • Export Expansion Grants Scheme is Created

    This scheme promotes growth in exports through grants to Australia exporters (DFAT, 2016).

  • Australia Dollar is Floated

    This started cuts in industry protection and exposing the economy to global competition that has made Australia more productive (The Sydney Morning Herald, 2013).

  • Australia is World's Largest Coal Exporter

    (Department of Foreign Affairs and Trade, 2016)

  • Australia Removes Quotas

    Australia removes the last import quotas on textile, clothing and footwear products (Department of Foreign Affairs and Trade, 2016).

  • APEC Created

    APEC was developed to create consultative framework for economic cooperation, intergovernmental dialogue and interaction (Smith, 1997).

  • China Joins the WTO

    (Department of Foreign Affairs and Trade, 2016)

  • Singapore - Australia Free Trade Agreement

    The SAFTA is created causing two-way trade to increase by 113% between 2002-03 and 2012 (DFAT, 2016).

  • Tariff Protection is Reduced

    Tariffs in the automotive industry are reduced to 5%, from a peak of 57% in 1984 (DFAT, 2016).

  • Mining Boom in Australia

    Iron ore exports increase to 20.5% of Australia’s total exports, from 3.3% in 2001 with the majority exported to Chinese steel mills (DFAT, 2016).

  • Malaysia - Australia Free Trade Agreement Signed

    (Department of Foreign Affairs and Trade, 2016)

  • Bilateral Economic Partnership Agreement with Japan Signed

    JAEPA will make Japanese goods and services exports more cost competitive and improve the range and price of Japanese materials for Australian manufacturers (DFAT, 2016).

  • Korea - Australia Free Trade Agreement Enters Into Force

    Australian exporters receive greatly improved market access in goods and the elimination of tariffs on nearly all Australia’s current exports (DFAT, 2016).

  • China-Australia Free Trade Agreement Comes into Force

    China – Australia Fair Trade Agreement completely eliminated tariffs on coking coal, barley and sorghum, 92.8% of China’s resources, energy and manufacturing exports are now entering duty-free and metals and pharmaceuticals with tariffs of up to 10% are now eliminated (DFAT, 2016).