Some of the policy actions taken at that time – such as the imposition of tariffs to protect urban industries – had powerful long-run influences. 17 (c)  The 1960s/early 1970s boom  The third boom was that in the 1960s/early 1970s.
This boom was quite broadly based, but the key parts were sharp increases in mining of coal and iron ore, and the development of oil and bauxite discoveries. The background to this boom was that both the global and domestic economies were becoming increasingly stretched, with rising commodity prices and rising inflation more generally.