Global Economics Monthly: Australia's Middle-Power Moment

  • Volume III | Issue 5 | May 2014
    May 28, 2014

    This month I was fortunate to participate in a State Department program that took me on a two-week, five-city speaking tour around Australia. The trip confirmed my notion of Australia as a reliable political and security partner of the United States (and as an exotic tourist destination), but what I had not fully appreciated was the country’s economic dynamism and important place in the regional and global economy. With a gross domestic product of roughly $1.5 trillion, over two decades of unbroken growth, and a key role in regional trade, Australia is a formidable “middle power” in Asia-Pacific economic affairs. This year, its mettle will be tested at the global level, as it hosts the premier forum for international economic cooperation, the Group of 20 (G-20).