Backbencher

Professor Isern began the lecture by discussing the various industries of New Zealand's early years through the present day. The point was made that the country's economy was planned by the state rather than by private industry. New Zealand's economy has had to rely heavily on exports because the domestic market was too small. The economic crisis of the 1980's forced the country into a dramatic economic shift. The government privatized many of its functions and the agricultural industry began producing more specialized products such as wine.

Australia's economy has many similarities to its neighbor. It also relies heavily on the exportation of agricultural goods. Some commonly exported products include Merino wool, wheat, and precious metals and gems. In contrast to New Zealand, Australia size and climate diversity allows for the production of a wide range of agricultural goods from bananas to beef. Neither economy appears to have aggressive manufacturing although the Australian owned Holden Company Ute was mentioned.

I found it very interesting that the government of New Zealand was forced to sell so many of its departments in order to pay its debts. I was left wondering how the average New Zealander felt about the sales and what impact if any, it had on their every day lives. I was also curious as to the importation of goods. If manufacturing is not a major industry in either country then they must rely heavily on imports. If so, do these imports continue to be mainly from Britain or do they import goods from Asia and else ware?