DEVELOPMENT OF ECONOMIC NATIONALISM IN AUSTRALIA AND IMPLICATION FOR THE CONSTRUCTION SUPPLY CHAIN
2021
Despite rapid economic globalisation, economic nationalist measures such as a local
content policy for the construction sector that has gained favour in recent years is now
being promoted as a tool for rejuvenating the Australian economy. This study aims to
conduct a structured literature review on the historical development of economic
nationalism in Australia and its implication for the construction supply chain. The
findings indicate that economic nationalism was strong with protectionist policies of
tariffs and the rejection of foreign capital prevalent before 1990 but became more
open from the early 2000s, with increasing import penetration from lower cost
producers leading to declines in Australian manufacturing capacity. Policies such as
'buy local', subsidies to manufacturers, and strategic restrictions on foreign investment
were put in place during this period. The disruptions caused by the pandemic and
recent global trade tensions have resulted in a resurgent economic nationalist
sentiment to sustain the declining Australian manufacturing sector to maintain a
capacity to produce essential items. Construction companies that have previously
sourced a large proportion of their materials and products overseas are now
encouraged to increase their local content requirements to support the domestic
manufacturing sector.
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