The Australian Economy in the 2000s

Book excerpt: "This is the fourth time the Reserve Bank has held a conference to review the Australian economy over the preceding decade. These decadal reviews provide an opportunity to place the events that have shaped the economy in perspective, consider patterns of structural change, and reflect on the persistent themes through the decade and across successive decades. The 2000s were particularly eventful for both the international and Australian economies. There were: two recessions in many countries; the largest international financial crisis since the Great Depression; the ongoing rapid development of Asia; asset booms and busts; and Australia experienced the longest sustained increase in commodity prices and the terms of trade in the nation's history." -- Introduction.