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In a speech to the Business Symposium of the Australian Conference of Economists at Victoria University in Melbourne, Dr Henry has argued Australian businesses outside the booming resources sector will continue to face falling international competitiveness and options such as "offshoring" will need to be considered.Dr Henry argues the debate around lifting Australia productivity and our international competitiveness has become confused, with a common but incorrect belief that growth in the resources sector can off set weakness in the non resources sector."The truth is, of course, that if the resources sector were to Billig Generisk Cialis grow even faster, then the non resources sectors must grow at an even slower rate," Dr Henry says.Dr Henry is Special Adviser to the Prime Minister responsible for leading the development of a White Paper on Australia in the Asian Century. He is part time executive chairman of the Institute of Public Policy at the Crawford School of Public Policy at ANU.Read the full transcript of his speech below.Australia geographic location and abundant natural resources have been key determinants of its economic structure since human settlement. For as long as any of us can remember, Australia has been a significant exporter of agricultural products and bulk commodities, especially iron ore and coal, a feature that has distinguished us from most other countries at similar stages of economic development.Trends in the international terms of trade have not always been favourable to "Buy Cheap Jintropin Online" Australia. Indeed, in the last few decades of the 20th century the popular view was that Australia particular natural endowments had consigned it to ever falling export prices and ever falling terms of trade.That prospect helped motivate the policy reforms of the 1980s and 1990s. And those reforms paid substantial dividends in economic performance.Even so, by the turn of the century, with the world in awe of impressive developments in information and communications technologies and Cialis 10 Mg Goedkoop the advent of electronic commerce, Australia natural resource endowments were considered by many to be a curse. Australia was being described, in disparaging terms, as an "old economy", producing things that the rest of the world was increasingly finding ways of doing without. People were talking about the emergence of a so Buy Cialis Switzerland called economy an economy developing in the major European and North American centres of economic activity, drifting ever further away from Australia.Today, in the Asian Century, Australia is often described as being "in the right place at the right time", its geographic location and abundance of natural resources being seen as valuable assets.Australia terms of trade are some 80% above their level at the turn of the century. In contrast, the real prices of information and communications technologies have continued to fall at a rapid rate. Both of these things can be explained, to a large extent, by the extraordinary growth of China as a manufacturing powerhouse, with a thirst for raw materials that Australia has in abundance.Abundant as they are, Australia natural resources will not last forever. That observation warrants serious discussion, but it is not my focus today.Even if it turns out, in the broad sweep of history, to be transitory, this terms of trade boom, which really kicked off in late 2003, has been with us for a while; long enough for it to have prompted a number of serious debates. Most obvious is the concern that the associated appreciation of the nominal exchange rate is producing a multi speed economy in which mining and mining related construction activities grow strongly while the rest of the economy stagnates or recedes.Commentators today point to a decline in what they refer to as Australia "international competitiveness".This concern of "Anabolika Definition" a loss of "international competitiveness" is worth saying something about, and that what I going to concentrate on today."International competitiveness" sounds like one of those things that should always be encouraged, whether the terms of trade are rising or falling. And, indeed, in the 1980s when the policy concern was very much one of declining terms of trade there was intense interest in policy initiatives that might enhance Australia international competitiveness.Yet, as economists, we also know that when the terms of trade are rising, especially if they are rising rapidly, a decline in international competitiveness is an expected part of the macroeconomic adjustment process. But that doesn mean that we consider international competitiveness to be something to be discouraged. And we are definitely Sustanon 250 3rd Week in favour of anything that contributes to international competitiveness by lifting productivity.No wonder the debate about these things has been a little confused. Hopefully, this conference will be doing something to reduce the level of confusion. We see. In the meantime, I would offer the following perspective.Let take, as our starting point, nominal unit labour costs. For a firm, or an industry, these can be expressed as the ratio of the nominal wage rate (expressed in $A) to the marginal product of labour. If labour is the only variable factor Oral Steroids Pct of production the nominal unit labour cost thus defined also represents the marginal cost of production Primobolan En Zweten for a given nominal wage rate.