Australians' Perceptions of Economic Security and Implications for Korea-Australia Cooperation

Abstract

This World Economy Brief (WEB) article discusses how Australian voters interpret current economic uncertainties regarding supply chain fragmentation. Based on voters' demands to diversify Australia's supply chain, this article utilized some recent survey results, which can provide insights into possible emerging cooperation partners of Australia that can enhance its economic security.

The author introduces some key policy reactions made by the Australian government in recent years, including multilateral communications, Critical Minerals Strategy, Digital Economy Strategy, National Hydrogen Strategy, and International Development Strategy. Also, `Future Made in Australia', Australia's new flagship framework, is also covered.

This article concludes by suggesting new directions for Korea-Australia cooperation, which can incorporate Australians' demands and the policy efforts of the Australian government. Mutually beneficial projects can include constructing the joint supply chain early warning systems, cooperation in building infrastructures for critical minerals, upgrading the bilateral Free Trade Agreement, streamlining customs clearance related to green transition, and establishing medium- to long-term blueprints for collaboration in hydrogen carrier ships.

Keywords: Korea, Australia, Economic Security, Economic Cooperation, Trade Policy, Protectionism