The Economy—Australia
An Overview
The complexion(n. 情況，局面) of Australia's economy has changed in less than
fifty years from one which relied heavily on primary production to a mature, diverse
one in which nearly two-thirds of production is in the service sector.
‧ primary production：與中文的 secondary industry 和 service sector 分別指的是
、secondary industry〔工業〕和 tertiary industry〔服務
primary industry〔農業〕
。澳大利亞的經濟經歷了從主要依靠農業到工業和服務業都得到迅速發的過程。
業〕
The demands of World War II and a strong post-war immigration program
spurred(spur v. 刺激，激發) a rapid expansion of secondary industry, diversification(n.
多樣性) and overall economic growth. At the same time, massive investment occurred
in export-oriented(以出口為目的的；外銷型的) mining and energy projects.
Although the rural and mining sectors account for a small part of Australian
production, they account for around three-quarters of total exports. Australia leads the
world in wool production and is a major supplier of wheat, meat, and sugar. Australia
is also one of the world's largest coal exporters and a major supplier of iron ore, gold,
bauxite, and alumina.
During the 1980s there was considerable diversification of Australia's export
base, with the fastest growth in manufactured products and in services (including
tourism).
Australia has recorded strong economic and employment growth over the past
twenty years, underpinned by a steady contribution from private consumption and a
rising contribution from business investment. In the 1980s, among OECD countries,
Australian economic and employment growth ranked fifth and second respectively.
This reflected the success of fiscal and monetary policies(fiscal policy 財政政策；
monetary policy 貨幣政策) with a carefully developed prices-and-incomes policy and
continuing structural reforms.
‧ OECD：全稱為 the Organization For Economy Cooperation and Development，經濟合
作與發展組織。
‧ Fiscal(policy)：財政政策，指通過對政府部門的收入與支出的控制以達到控制經濟的目
的。
‧ monetary policy：貨幣政策，指通過對貨幣發行量和利率的控制以對經濟施加影響。
‧ prices-and-incomes policy：物價與收入政策，是一項反通貨膨脹政策。
In 1990-1991, the Australian economy moved into recession, as did a number of
other OECD countries. However, the current account deficit declined and Australia's
inflation rate was at a 20-year low, significantly under the OECD average. The
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Government responded to the recession by allowing the automatic fiscal stabilizers(穩
定裝置) to operate fully. While this moved the Budget from surplus into deficit, its
overall structural integrity was maintained. The Government also progressively
lowered interest rates, but without putting at risk the gains made in lowering inflation.
‧ the current account：經常項目、或經常帳戶，是國際收支中有形貿易和無形貿易之和。
‧ Australia's inflation rate was at a 20-year low：澳大利亞的通貨膨脹率處於 20
年來的最低點。
‧ the automatic fiscal stabilizers：一種自動維護經濟長期穩定的機制，當經濟成長過
快時，它會對經濟進行壓縮；而當經濟發展緩慢時，它會擴大經濟發展。
‧ the Budget：國家財政預算。Budget 在這裡大寫是指聯邦政府每年一 度的財政預算。
‧ The Government also……in lowering inflation：政府還逐漸降低利率，但同時也不失
去降低通貨膨脹率所帶來的益處。
Australia's wage determination system changed during the 1980s, gradually
moving away from the centralized system initiated in 1983 under the Prices and
Incomes Accord agreement between the Government and the Australian Council of
Trade Unions (ACTU). This was aimed at tackling the dual problems of high
unemployment and inflation and involved initially a centralized system of wage fixing
based on indexation(指數化，指在通貨膨脹時按物價指自動調整工資、利息等辦法。) of
wages to movements in prices.
‧ the Prices and Incomes Accord agreement：物價與收入協調協議。該協議由企業、工
會和政府三方面於 1983 年達成，是指聯邦政府反通貨膨脹策略的最有力措施。
‧ the Australian Council of Trade Unions (ACTU)：澳大利亞工會理事會。
‧ the dual problems of high unemployment and inflation：高失業率和通貨膨脹的雙重
問題。傳統經濟學認為高失業率和通貨膨脹不會同時出現。
‧ a centralized system……movements in prices：根據工資與物價浮動指數確定工資的
中央系統。
While the basic principles of the Accord(n.一致，和諧；協議，條約)have largely
remained unchanged, it has been flexible in responding to changing economic
conditions. Within the framework of a wage determination system providing overall
wage restraint, wages policy has increasingly taken on the role of a catalyst(n.促進因
素，催化劑) for productivity improvements and labor market reform, with emphasis
placed on implementing individual workplace bargaining to strengthen the link
between wages and productivity, flexibility and efficiency within the workplace.
‧ Within the framework……within the workplace：工資決定系統對工資整體水平進行了
限定，在此框架內，工資政策漸漸產生促進生產力改善和勞動力市場改革的作用，並著重
強調了在各個勞動場所進行談判，以加強勞動場所內部的工資與生產率、靈活性與效益之
間的聯繫。
The Prices Surveillance Authority was established in March1984 as part of the
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prices and incomes policy. Its function is to encourage price restraint as a counterpart
to wage restraint exercised by wage and salary earners. It concentrates on areas in
which effect live competition is lacking and in which price or wage movements are
pervasive(adj.普遍的，流行的) in the economy, an approach which recognizes that
competition is usually an effective constraint on price.
‧ The Prices Surveillance Authority：物價監督局。
In late 1989, the Government created the Industries Commission as an
independent analytical body to advise it on, among other things, the need for
structural change. The Government's broad objective was to make the best use of the
nation's resources and expand its productive potential. Its terms of reference(授權調查
範圍，受委託事項) cover many aspects of Australia's important industries.
‧ the Industries Commission：行業委員會。
Over the 1980s, Australia's current account deficit averaged more than 4.5 per
cent of gross domestic product, about twice the average of the previous 20 years.
‧ gross domestic product：簡稱 GDP，國內生產總值。
This was the result of a widening in the gap between domestic savings and
investment, which was met by increased recourse(n.依賴，依靠) to external borrowing.
In the first half of the period, developments in the public sector resulted in a reduction
in national savings relative to investment. The impressive fiscal consolidation of the
late 1980s increased national savings. However, the impact on external borrowings
and the current account was more than offset(vt.補償，抵消) by a strong rise in private
investment. The current account position was also influenced by sharp swings in the
terms of trade(進出口貨價比率；交易條件) in the 1980s.
‧ This was the result……external borrowing：這是由國內儲蓄和投資之間的差距加大
而引起的，這一差距越來越依靠外部借款來彌補。
‧ the public sector：政府贊助或控制的企業。
Reflecting policy adjustments, the current account has since improved
significantly. In 1990-1991, the current account deficit fell by 30 per cent to $16
billion or four per cent of GDP, compared with $22 billion or six per cent of GDP in
1989-1990. The improvement mainly reflected strong export growth.
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