Turf QLD Industry Alert |FROM IBIS WORLD REPORT JAN 2018-01-10

FROM IBIS WORLD REPORT JAN 2018-01-10

Natural Resources in Our Economy

The world still believes that Australia has a resource-based economy, even though that ceased to be true well over 50 years ago. However, given that our exports are more visible to the world than our domestic economy, the perception is understandable. After all, our natural resources currently make up over half of our total exports, as seen below. Interestingly, tourism is now far more important than agricultural exports.

Our agricultural sector is likely to enter a fourth era in the 2020s, promising radical changes. Corporatisation with mega-buck investments is likely to increase, as seen in our mining sector from the 1960s onwards. Big changes to products and technology are also expected, as well as changing ownership models, including foreign ownership as seen in our mining sector.