Australian capitalism since 1992: a new regime of accumulation?

Modem capitalist economies are characterised by cycles and phases, including phases of growth and transformation. This obvious truth needs restating when we set out to try to describe and explain the characteristics of the current expansion phase. From 1992 Australia has experienced a period of sustained economic growth and prosperity without interruption. That the relative prosperity and growth of this long phase has been shared around the world in many diverse countries is fundamental to describing its characteristics and explaining why it happened in Australia. Periods of growth and prosperity have never been this long before (although this is a contentious point and will be returned to); and that longevity in Australia is really one of the main features to explain. A phase of growth without even a slight recession, indeed not even a quarter of recession or anything approaching it, of 16 years is unprecedented in its length in Australia and a big contrast with the 20year boom-bust period that preceded it. Furthermore, no Australian State has experienced a recession in that period either - the growth has been across the whole country.