As growth in China slows and Australia’s mining boom ends, Australians are asking, Can our luck last? Australia’s Lowy Institute asked me to discuss John Edward’s new monograph Beyond the Boom. My comments and those of a number of experts can be found here. Here is one bit of interest at both antipodes:
As Jon Stewart memorably illustrated, every US president since Nixon has called for freeing the US from ‘dependence on foreign oil’ (within ten years!). Every president has failed. Fracking, however, has delivered the goods. Fracking has reduced the price of energy while generating millions of jobs and reducing net emissions of greenhouse gases. The fracking revolution has only just begun in Australia. Australia has abundant supplies of natural gas and if it creates a national market and avoids parochial calls for price controls and environmental NIMBYism it will certainly become the world’s largest exporter. While profiting from natural gas production and infrastructure investment, Australia will also help the world to move closer to greenhouse gas targets.