This chapter discusses some of the key geographic shifts in Australia's international economic relations in the second half of the 20th century, particularly the refocusing of investment, trade and migration towards East Asia. It then examines the main explanatory factors and analyses the consequences of the shifts, which have primarily been increased material prosperity for most of Australia's population, a greater openness of the economy and society, and the adoption of multiculturalism. The main variable affecting international economic relations is the exchange rate. In 1972 a screening process was introduced to monitor foreign investment and limit takeover of Australian companies. The FIRB was established in 1975, and the screening process was tightened under successive governments. In 1983 the FIRB rejection rate doubled. Economic liberalisation in Australia and New Zealand was accompanied by deeper trans-Tasman integration through the 1982 CER Agreement.