Harvard Case - Australia: Commodities, Competitiveness, Climate and China
"Australia: Commodities, Competitiveness, Climate and China" Harvard business case study is written by Richard H.K. Vietor, Laura Alfaro. It deals with the challenges in the field of Business & Government Relations. The case study is 33 page(s) long and it was first published on : Feb 24, 2020
At Fern Fort University, we recommend that Australia adopt a multifaceted strategy to navigate the complex interplay of commodities, competitiveness, climate, and China. This strategy should prioritize economic diversification, sustainable development, and strategic partnerships, while actively engaging in government policy and regulation to foster a more resilient and globally competitive economy.
2. Background
This case study examines the challenges facing Australia as it seeks to maintain its economic prosperity amidst global shifts in commodity prices, climate change, and the growing influence of China. The main protagonists are the Australian government, businesses operating in key industries (mining, agriculture, tourism), and the broader Australian population.
The case highlights several key issues:
- Dependence on commodities: Australia's economy is heavily reliant on exports of commodities like iron ore and coal, making it vulnerable to price fluctuations and global demand shifts.
- Climate change: Australia's reliance on fossil fuels and its vulnerability to climate-related disasters pose significant challenges to its economic and environmental sustainability.
- China's influence: China is Australia's largest trading partner, creating both opportunities and risks. China's economic slowdown and its growing influence in the region necessitate careful consideration of Australia's strategic relationship.
- Competitiveness: Australia faces increasing competition from other countries in key industries, requiring it to invest in innovation, technology, and human capital to maintain its competitive edge.
3. Analysis of the Case Study
This case study can be analyzed through the lens of Porter's Five Forces framework, which examines the competitive landscape of an industry.
1. Threat of New Entrants: The threat of new entrants is relatively low in some of Australia's key industries, such as mining, due to high capital requirements and regulatory barriers. However, the threat is increasing in other sectors, such as technology and renewable energy, as new players emerge and global competition intensifies.
2. Bargaining Power of Buyers: Australia's reliance on China as a major buyer for its commodities gives China significant bargaining power. However, the increasing demand for commodities from other emerging markets offers opportunities for diversification and reduces dependence on China.
3. Bargaining Power of Suppliers: The bargaining power of suppliers is generally low in Australia, with limited options for sourcing key inputs. However, the increasing global supply of commodities and the rise of alternative energy sources could potentially increase supplier bargaining power in the future.
4. Threat of Substitute Products: The threat of substitute products is increasing, particularly in the energy sector, as renewable energy technologies become more competitive. This necessitates a shift towards a more diversified energy mix and investments in renewable energy infrastructure.
5. Competitive Rivalry: Competitive rivalry is intense in some sectors, such as tourism, where Australia faces competition from other countries offering similar experiences. This requires Australia to differentiate itself through unique offerings, quality experiences, and strong marketing strategies.
4. Recommendations
1. Diversify the Economy: Australia should actively pursue economic diversification by investing in emerging sectors like technology, renewable energy, and advanced manufacturing. This requires:
- Government policy and regulation: Implementing policies to attract foreign investment in these sectors, providing tax incentives for innovation and research & development, and fostering entrepreneurship through incubators and support programs.
- Business strategy: Encouraging Australian businesses to invest in new technologies, develop new products and services, and explore new markets.
- Education and training: Investing in education and training programs to equip the workforce with the skills needed for the future economy.
2. Embrace Sustainable Development: Australia must prioritize environmental sustainability to mitigate climate change and ensure long-term economic viability. This entails:
- Government policy and regulation: Implementing environmental regulations to reduce emissions, promote renewable energy, and protect natural resources. This includes carbon pricing mechanisms, renewable energy targets, and investments in green infrastructure.
- Business strategy: Encouraging businesses to adopt sustainable business practices, reduce their environmental footprint, and invest in renewable energy solutions. This can be incentivized through government subsidies, tax breaks, and regulatory compliance programs.
- Public-private partnerships: Fostering collaboration between government, businesses, and research institutions to develop and implement sustainable solutions.
3. Strengthen Strategic Partnerships: Australia needs to strategically manage its relationship with China while diversifying its trade partnerships. This requires:
- Government policy and regulation: Developing trade policies to promote free and fair trade with China and other countries, while also protecting Australian interests. This includes negotiating new international trade agreements and addressing concerns related to foreign direct investment policies.
- Business strategy: Encouraging businesses to explore new markets and strengthen relationships with other countries in the region. This can be facilitated through business diplomacy and government-sponsored trade missions.
- Regional cooperation: Collaborating with other countries in the region on issues of common interest, such as climate change, security, and economic development.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with Australia's long-term goals of economic prosperity, social equity, and environmental sustainability.
- External customers and internal clients: The recommendations aim to create a more diversified and competitive economy that benefits both Australian businesses and consumers.
- Competitors: The recommendations acknowledge the increasing global competition and aim to position Australia to compete effectively in key sectors.
- Attractiveness: The recommendations are expected to contribute to long-term economic growth, job creation, and improved living standards.
6. Conclusion
Australia faces a complex and challenging environment, but by embracing economic diversification, sustainable development, and strategic partnerships, it can navigate these challenges and build a more resilient and prosperous future. This requires a concerted effort from government, businesses, and the broader Australian community.
7. Discussion
Alternatives not selected:
- Maintaining the status quo: This would leave Australia vulnerable to global economic shocks and climate change impacts.
- Complete reliance on China: This would create excessive dependence on one country and leave Australia susceptible to political and economic volatility.
Risks and key assumptions:
- Implementation challenges: Implementing these recommendations will require strong political will, effective collaboration, and adequate resources.
- Global economic uncertainty: The global economic outlook remains uncertain, potentially impacting the success of these recommendations.
- Technological advancements: The rapid pace of technological advancements could necessitate adjustments to the recommendations over time.
8. Next Steps
- Develop a comprehensive national strategy: The Australian government should develop a comprehensive national strategy outlining the key priorities and actions for implementing these recommendations.
- Establish a task force: A dedicated task force should be established to oversee the implementation of the strategy and monitor progress.
- Engage stakeholders: The government should actively engage with businesses, industry associations, research institutions, and the broader community to build consensus and secure support for the strategy.
- Regularly review and adapt: The strategy should be regularly reviewed and adapted to reflect changing circumstances and emerging opportunities.
By taking decisive action and working together, Australia can emerge as a global leader in sustainability, innovation, and economic growth.
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Case Description
For the past few decades, Australia has dealt with the benefits and costs of repeated mining booms-inflation, a housing bubble, a current account deficit, and growing dependence on China. Between 1996 and 2007, however, Australia had most of these issues under control and grew at impressive rates, becoming one of the richest of developed countries. Yet competitiveness in its non-mining sectors declined. Since the financial crisis, additional challenges associated with climate change, minerals taxes, migration, fiscal deficits, and currency fluctuations have complicated the issues facing both Labor and Liberal administrations, with a very thin majority. Meanwhile, Australia's non-mineral competitiveness continues to recede.
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