Indi The Longest Time Of Development

Australia’s economic status can be assessed using a range of economic indicators such as unemployment rates, Gross Domestic Product (GDP), inflation rates and interest rates. The economy can affect Australian business’s greatly causing them to flow through the business cycle. The business cycle purpose is to describe the overall trends of the economy and can show growths of high or negative. The four stages in a business cycle are: expansion, this is when the economy has high demands; peak, this is the turning point of the expansions before the economy falls down. A contraction is when the demand for goods and services are low; and trough, is the opposite of a peak. To evaluate Australia’s current economic status factors such as unemployment

This report will show an overview of the current state of the Australian economy and its management by the Federal government through examining economic indicators such as economic growth (GDP), unemployment, inflation and trade.

A significant change was seen for Australian Foreign Policy during the years of the Hawke and Keating governments. The 1980s saw Australia invested considerable time, money, intellectual capital and political energy in attempts to mitigate the growth of economic conflict between the major players that now existed (Cooper, Higgott, Nossal 1993, pg. 5). However it was during the 1980s that the world became divided as global change defined the decade. The Cold War removed the (artificial) dividing lines, as the worlds conflicts were now region/ ethnic based, as the conflict became the feature of international politics. Despite the world caught between two major powers attempting to be seen as the ultimate superpower, during 1983 a more detailed focus on Australia’s economy took place. Before 1983, Australia had an economy that was structured in reverse which made many economists question the country’s long held ideals. Due to the high unemployment rates and that commodities were vulnerable to the

The figure obviously had not return to pre-crisis level. Moreover, recent commodity prices had fallen significantly which will affect Australia’s short and long term economy.

Australia’s lack of international competitiveness as a result of geographical location and small population, as well as the decline of the manufacturing industry to overseas low cost producers, with the problem being further increased by the high AUD exchange rate, as a result of the mining boom. The fall in domestic production has led to an increase in imports and a fall in productive innovation compared to advanced economies has led to a rise in CAD.

This has been the result of inflationary pressures due to excessive consumer demand, and a world increase in oil prices, the RBA’s primary objective is to contain inflation at 2-3% whilst also achieving sustainable growth. The current increases in interest rates will result in lower aggregate demand as consumers have less disposable income. This results in reductions in inflationary expectations, and a decrease in the demand for imports. Furthermore higher rates of interest will encourage overseas investment into Australia, thus resulting in an increase in the demand for the Australian dollar. An increase in the demand for the AU$, and a decrease in its supply due to less import expenditure will result in an appreciation of the AU$ in forex markets. Overall this results in depressed economic activity and lower levels of growth. However the RBA has been able to increase interest rates in order to contain inflation while maintaining economic growth. This is because the global economy has continued to grow at record pace, with strong growth in the US and China, and the recovery of Japan and Europe. Consequently demand for Australian exports has remained high, thus creating opportunities for increased production and subsequent economic

The impact of globalisation has also changed the structure of Australia 's trade. There has been considerable growth in manufacturing and service industries with limited growth in the rural sector (Table 2). This reflects a combination of changes in world demand and domestic structural reforms.

Australia was a rapidly changing country during the time of 1918-1955. Having just got out of the first world war to suffering the drastic affects from the great depression before spiralling into the second world war. And then being drawn into the Vietnam war. The country was changing both economically as well as socially and politically. New ways and styles of life came into Australia as they became a modernised country as it is today.

But even if we understand the changes, how can we compare the before and the after? What are the best parameters in doing so? What phenomenon is followed globally? This just summarizes one aspect of the essay which is followed by policy recommendations by the author in the later half. Though with the limited knowledge of the subject and experience the author has suggested a policy recommendation which aims at resolving existing or possible budding economic issues for Australia.

This increase was largely due to the expansionary fiscal policies that many countries adopted in response to the Global Financial Crisis.” According to estimates, Australia is supposed to minimize debt that is slowly growing by 2018. Australia’s income is slower than what others expected and there has been an increase in unemployment (Carmignani

Whilst the Australian economy has enjoyed an unprecedented period of economic prosperity that provided ample opportunities to address poverty, inequality and improve opportunities for the poor. The real kicker is the economy would have gotten a welcome boost if these issues had been addressed. Instead, successive governments have failed to meet our infrastructure needs, failed to plan for the future and failed their social obligations.

‘ECONOMIC FACTORS HAVE BEEN THE DOMINANT CONCERN IN AUSTRALIAN FOREIGN POLICY OVER THE PAST 25 YEARS.’

The second key national interest of Australia is the economy. Australia’s capital, jobs, standards of living, technological innovations and social advances rely substantially on exports and commodity values within Southeast Asia and the Pacific (Department of Foreign Affairs and Trade 2016a). The stability of South East Asia and the Oceania

In relation to International Economics the current account deficit Australia has, has been of some debate in recent years. The current account is the summation of the balance of goods and services and net income and is a component of the balance of payments alongside the capital and financial account. When a deficit occurs in the current account it means that the value of imports (debits) are exceeding the value of exports (credits). The value of the current account has oscillated between the period 2008 to current, however despite these oscillations it has remained a deficit during this period of time. Although a short-term CAD may not necessarily be detrimental to the Australian economy, potentially boosting economic growth beyond its

In March 2015, Greg Jericho published an article called Weak, weak growth and six things about the state of Australia’s economy that outlined how in the past 6 out of 10 quarters the Australian