Abstract
The plants established are inevitably high-cost ones because production runs are limited by the small and fragmented market. Despite the cost disabilities, the government, pursuing its policy of high rate of economic and population growth with full employment, increased productivity, rising standards of living, external viability, and stability of costs and prices,1 is prepared to foster such developments. The consequences of this policy geared to replacing overseas imports by locally produced commodities are examined here in a study of the Australian petrochemical industry, which, with the newly-established aluminium undertakings, is representative of the high-cost manufacturing activities introduced into the country since 1945.2
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