Background Ausbuy
after world war ii australia faced problem of having underdeveloped manufacturing base, left dependent on overseas supplies. there realisation situation, combined australia s geographic isolation, made vulnerable. led decision being made build manufacturing capability. aftermath of war provided opportunities recruit skilled workers europe , australia able establish capacity behind protection of tariff wall. became obvious wall had reduced rate of reduction ran ahead of australia s increasing ability compete in global market. effects of economic reform , tariff reduction australia adopted policies of economic liberalisation , micro-economic reform in 1980s, including privatisation of government corporations, deregulation of factor markets, floating of australian dollar, , reduction of trade protection. justifications reducing trade tariffs included portrayal of australia global citizen and, @ same time, reducing inflationary pressures. costs have been high: australia s foreign debt has ...