The results of the industrial development of Australia

The article is devoted to the vulnerability of the Australian economy, which is considered as the main result of the industrial development of Australia. This article aims at identifying the causes of this vulnerability, and suggests the possibility to overcome the dependence of the Australian economy on the export of natural resources. This aim is planned to be achieved through investigating the impact of the Australian export and resource-dependent economy on the post-industrial development of Australia. The author puts forward a hypothesis that the main source of the vulnerability of the Australian economy is its resource dependence. The author has used the analytical technique. Statistical reports of the Department of Foreign Affairs and Trade and the Department of Industry of Australia, data from the ABS and ABC, the research of the staff of the Institute of Oriental Studies of Russia are the material of the study. It consists in analyzing the key factors influencing the current economic and social landscape of the post-industrial development of Australia. One of the main factors is the "mineral boom", which was the reason for the growth and stability of the Australian economy in the second half of the twentieth century. The "mineral boom" is the discovery of the largest deposits of mineral resources in Australia. According to the author, its result was that modern Australia became a hostage of its main economic partners, primarily China. In 2014, 23 % of the total Australian turnover was associated with China. China is the main consumer of iron ore, coal, gold, etc. China's refusal from the purchase of Australian raw materials can lead to an enormous financial and social damage for Australia. As an argument, the author cites the falling prices for mineral resources in 2014, which led to a sharp increase in unemployment (about 50 thousand jobs were lost in the mining sector of Australia). This is one of the most important reasons for the country to reconsider the policy in the field of innovation development. An important result of the industrial development of Australia is a fairly low level of innovative enterprises relative to OECD. Australia ranked 21st among the 32 OECD countries in terms of the share of innovative enterprises. The author stresses that the backwardness of Australia in the innovative development is a brake not only for scientific and technological development, but also may cause a significant economic damage. The author concludes that the dependence of the Australian economy on commodity exports is not only the main result, but also the main problem of the industrial development of Australia. The backwardness of the country in the scientific and technological sphere, the export orientation on raw materials will lead to economic imbalance and social instability in the future. A way out of the situation for Australia is to stimulate its innovative system by implementing a national strategy, the National Innovation and Science Agenda, with a budget of AS1.1 billion.

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