Media Release
25 September, 2009
Book launch outlines importance of trade and Australia’s performance
Parliamentary Secretary for Trade, Hon. Anthony Byrne MP, will explain the importance of international trade and how Australia has performed in the current climate at the book launch of ‘Australia and the Global Economy’ being held in Melbourne tonight.
Edited and authored by Swinburne University academics Associate Professor Tony Ciro, Dr Bruno Mascitelli and Associate Professor Siva Muthaly, the book will be a useful resource for students and businesses interested in international business.
Mr Byrne said the book launch could not have come at a more appropriate moment as policymakers grapple with the enormity of the global financial crisis.
“‘Australia and the Global Economy’ neatly encapsulates the economic history of Australia’s trade policy and clearly explains the issues businesses face trading and investing in the global economy,” Mr Byrne said.
’”The book also shows governments can help exporters and investors by creating a more effective international architecture for trade and our nation’s economic policy history is testament to this.
“This is evident by the series of tariff cuts and market reforms implemented during the late 1980’s and 1990s, which included floating the dollar, additional tariff cuts, work reforms and a liberal trade policy,” Mr Byrne said.
“Just as critical has been the Government’s timely fiscal stimulus packages, record low interest rates, effective wholesale and deposit bank guarantees and a sound financial regulatory framework,” Mr Byrne said.
“While Australia was never going to be immune from the global fallout, these measures have ensured our economy remained resilient and is one of four advanced economies not to have fallen into technical recession.
“Australia also has the second lowest rate of unemployment, the lowest debt and lowest budget deficit of the major advanced economies, which was also highlighted by the Prime Minister in New York prior to attending the G20 conference,” Mr Byrne said.
Austrade’s Chief Economist, Tim Harcourt – who will be launching the book and has written the foreword – said since Australia reduced tariffs and became an open economy, trade liberalisation has made a 2.5 to 3.5 per cent contribution to GDP.
“This is why open markets are more appropriate which is also supported by the Centre for International Economics (CIE) which identified a 10 per cent increase in global tariffs would reduce world GDP by 0.2 per cent or $110 billion, with a loss in global welfare (household consumption) by nearly $84 billion,” Mr Harcourt said.
But Mr Harcourt added that providing strong support for Australian workers in the labour market whilst we were opening the economy helps explain Australia’s success.
“This has helped Australia remain one of the leading economies despite the GFC, enabling the economy to grow by 0.6 per cent for the year to June 2009, when all the other major economies including the US, UK, Euro Zone and Japan have contracted,” Mr Harcourt said.
Book launch details:
WHAT: ‘Australia and the Global Economy’
WHO: Honourable Anthony Byrne, Parliamentary Secretary for Trade
Tim Harcourt, Chief Economist, Austrade
WHEN: 6.00pm – 8.00pm
Friday, 25 September 2009
WHERE: Austrade
Level 31, 140 William St
(Cr Bourke & William St)
Melbourne CBD
Media inquiries:
Alex Stalder 02 6277 4309 (Mr Byrne's office)
Sarkis Khoury 0414 401 072 (Austrade)
Media: Departmental Media Liaison 02 6261 1555