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Importance of trade for an economy:

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Injection into circular flow & major source of economic growth.

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Australia's trade dependency is due to its large land resources and status as a major commodities exporter.

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Australia is a nation with large land resources and is a major commodities exporter.

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Trade protection is defined as

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Use of tariffs and subsidies to advantage domestic firms against imports.

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Australia's trade protection historically relied on:

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Small market size and lack of industry needed protection via subsidies and tariffs.

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Example of subsidies and barriers in the Australian car industry:

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Provided up to 5000% subsidies for competitiveness.

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Trade protection in the 1950s helped:

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Establish a manufacturing industry, creating steel works, car, and white goods.

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Example of trade protection making foreign imports pricier, aiding domestic producers:

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Tariff on the world supply curve.

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Type of trade protection:

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Production subsidy offsets higher production costs.

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Some trade protection includes:

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Bureaucratic restrictions for imports like health and safety standards.

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Government often implements trade protection for economic and political reasons, primarily to protect domestic jobs, as voters may reject governments that fail to do so.

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Protection of domestic jobs.