Extract

This chapter focuses on the economic transition of Australia over the last half century. It does this by presenting the results of a Genuine Progress Indicator (GPI) study of Australia for the period 1962–2010. The chapter begins with a description of the current economic, social, and environmental features of Australia as well as a brief overview of its historical economic developments. This puts into context the state of Australia’s genuine progress at the beginning of the study period and the probable factors affecting the direction and rate of its progress thereafter. A brief explanation of the GPI is then given, which includes a summary of the benefit and cost items used in its calculation and the valuation methods employed to estimate each of the items. Having done this, the GPI results of Australia are revealed and examined. The chapter concludes with identification of the major items impacting on Australia’s GPI; what this implies in terms of the recent transition of the Australian economy; and what Australia should do to advance its genuine progress.