Fishing, forestry and agriculture have not performed to their potential. Production of garments is now less than half of what it used to be. The mining of gold has now stopped altogether. The political crisis has brought an additional dimension to these challenges. Our exports of goods are not doing well. To make matters worse, imports are booming.
Government budget finances were greatly improved during the period. Budget surpluses were recorded in 10 of the 19 years since 1991. Government debt was reduced sharply, leaving Australia as one of the best positioned developed economies in terms of government finances. Monetary policy helped keep inflation low, providing a stable environment in which businesses and households could plan and undertake their economic activities.