Partly this reflected supply factors, as global capital markets had developed significantly since the turn of the century. Partly it was also technological, as some of the resources could only be developed with large-scale investment. Mining investment rose from about ½ per cent of GDP in 1960 to a peak of almost 3 per cent in the early 1970s.
Export prices rose strongly, particularly in the early 1970s, resulting in a large swing in income towards exporters. The current account of the balance of payments moved to surplus, an outcome that has not been repeated since. Employment grew strongly in the second half of the 1960s, by close to 3 per cent per annum, due to large-scale immigration and increased female participation.