In Australia’s services-dominated economy, should policymakers take any notice of agriculture?
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At the start of the twentieth century, agriculture was a very significant sector of the Australian
economy, both in Gross Domestic Product (GDP) and export terms. By the middle of that
century, manufacturing had become dominant. By the end of the century, both had been
overshadowed by the services sector, which since the 1970s has progressively expanded to the
point where it is claimed to now account for almost 70% of national economic output, four out of
every five jobs, and one fifth of exports.
These statistics suggest that sectors such as farming and mining no longer matter in the national
economy, and yet as the recent drought and the current minerals boom demonstrate, the national
economic impact of shocks in these sectors can be much more significant than statistics suggest
should be the case. A review of available statistics concerning the Agricultural sector, and
linkages between different sectors of the economy provides some indications about why
Agricultural sector shocks impact more widely on the economy. It also leads to the conclusion
that there is a need for a much better understanding of the interdependencies of different sectors
within the economy.