Successful export performance begins with good economic policy at home. The Australian economy is much more open and much better integrated with the global economy than ever before. As a result, what we do at home in terms of economic management has a greater impact on our trade performance than ever before. The borders between domestic and international policy have blurred. Big changes in Australia's trading patterns over the last decade show this quite clearly.
Export trade is now much more important to Australia's well-being.
Exports of goods and services amounted to 15 per cent of GDP in 1995, up by a half from10 per cent in 1985. It is more important, even for smaller players. The number of small and medium sized exporters has grown substantially, particularly in the services area. Over the last five years, Australia's services exports to Hong Kong alone have grown some 15 per cent a year. Trade is more important,too, for sectors which, in days gone by, were sheltered and could not venture beyond domestic borders.