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The international trade of waste has come under public spotlight in recent years with China, the world's main waste sink for several decades, effectively banning its waste imports in 2018 and subsequently starting a waste crisis in Australia. This article compares the perspectives of orthodox economics, circular economy and political economy on waste economics and policy in Australia. Taking an approach combining both qualitative and quantitative analysis, this article finds that the political economy of Australia's waste crisis can be understood in terms of two phases: (1) an expansionary phase in Australia's waste industry from the 1990s onwards, driven by export-oriented growth and neoliberal policy which ultimately led to a waste crisis in 2018, and (2) an emerging recovery stage for the industry led by circular economy policy and more domestically oriented development. These findings contribute to ongoing discourse on the circular economy agenda, demonstrating that in the case of Australia's waste crisis, circular economy is more of a pragmatic strategy to stimulate economic recovery rather than some radical change towards environmental sustainability.

The Political Economy of Australia’s Waste Crisis: From Neoliberalism to the Circular Economy Agenda