We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Australian Economy over the last two years - Essay Example

Comments (0)
Summary
Australian economy over the last two years Finance ‘runs’ the world in innumerable ways, both in the direct manner as well as in the indirect. From providing the needed personal comforts, to being the factor that decides the survival and the success of a country in the form of economy, finance impacts all aspects of lives…
Download full paper
GRAB THE BEST PAPER
Australian Economy over the last two years
Read TextPreview

Extract of sample
Australian Economy over the last two years

Download file to see previous pages... In the currently globalized world with maximum financial interconnectedness, problems in a particular country’s economy could arise mainly because of negative factors in the world economy. Thus, when the global recession started happening in United States in 2009-2009, it spread to various countries and its negative effects were felt all over the world including Australia. Although, Australia is geographically isolated, it is very much part of the world economy, and so economic recession in United States and Europe had ripple effects in Australia, necessitating the Australian government and the Australian Reserve Bank to initiate various measures. So, this paper will discuss how successful is the Australian Government and the Reserve Bank of Australia in running the Australian economy over the last two years in the immediate aftermath of the economic downturn, particularly focusing on the macro economic policies adopted by both the entities to avert the crisis and importantly to elevate the Australian economy. Australian economy is placed as a developed and modern market economy, with GDP running into more than one trillion dollars. It is also tagged as “one of the fastest growing advanced economies in the world” even in the times of recession and its aftermath. This can be viewed from the fact that “Australia is the 13th largest economy in the world according to nominal GDP (current prices) and the 17th largest according to GDP (PPP).” (economywatch.com 2010). The sector which dominates the Australian economy contributing maximum to its GDP is the services sector, around 68% of the GDP. It is followed by agricultural and mining sectors. Thus, it can be said that “Australia possesses a well-diversified economy boosted by the strength of its services and resources industries.” (economywatch.com 2010). Importantly, the economy grew optimally without slump from the last decade of the last century into the first decade of this 21st century. It grew in the positive figures in 2000’s until, break was placed in the form of global recession. “The Australian economy grew for 17 consecutive years before the global financial crisis.” (cia.gov 2011). So, in the aftermath of the financial recession, all the sectors had negative impacts, with these sectors particularly the mining sector losing sizable jobs. So, when the Australian economy witnessed a slump in the last two years as a result of global recession, after a continuous period of heightened growth, the government and the Reserve Bank of Australia swung into action, initiating key macro policies in the form of stimulus package and cutting of interest rates to historically low figures. “Rudd government introduced a fiscal stimulus package worth over US$50 billion to offset the effect of the slowing world economy, while the Reserve Bank of Australia cut interest rates to historic lows” (cia.gov 2011). When one focuses on the last two years of the Australian economy, it coincided with the rule of Kevin Rudd government, as the regime was in power from 2007-2010. In addition, both the government and the RBI functioned in a coordinative manner regarding all the major decisions impacting the Australian economy. So, the role of the Australian government and RBI cannot be maximally bifurcated and ...Download file to see next pagesRead More
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
American economy over the last two years (2009-2010)
The volatility of the American economy financial market was increasingly becoming risk prone with evidence of losses being experienced in investments made. In addition, the financial and capital markets were reacting to global economic recession as stock prices continually went down.
8 Pages(2000 words)Essay
Australian Economy over the Last Two Years
You need to review the report carefully. Ask yourself: * Where there is matching material, is there a sufficient amount to indicate that the Writer has taken the material from a source, or is it just a fragment? * If the Writer has taken material from a source, have they properly referenced it?
8 Pages(2000 words)Essay
Australian Economy
Australia was predicted to develop again in 2008-09 at a percentage of 2.75 which is higher than the standard development rate associates of the Organization of Economic Cooperation and Development (OECD) of 2.2 per cent. In addition, Australia ranks in the first position, in the Asia-Pacific area, for service, farming, and industrial efficiency per person in employment, according to the IMD World Competitiveness Yearbook.
8 Pages(2000 words)Essay
How successful has the Australian Government and the Reserve Bank of Australia been in running the Australian economy over the l
Australia is believed to be having lots of resources as per the Geoscience and the resources include largest recoverable deposits such as gold, silver, rutile, coal and iron ore. The massive and diverse natural resources in Australia have attracted wonderful foreign investments.
4 Pages(1000 words)Essay
Economics for Global Business
1). The country’s economy grew by 2.1% in 2011 and by 3.3% in 2012 (Index Mundi 2013, par 1). Going by purchasing power parity, the economy had a GDP of 910.5 billion U.S. dollars in 2010, 930 billion U.S. dollars in 2011, and 960 billion dollars in 2012.
4 Pages(1000 words)Coursework
Describe and Evaluate the main Macro Economic Policies used by the Australian Government and Reserve Bank over the last two year
According to “Australian Government”, Australian economic boom has been contributed by the recent rise in global demand particularly China’s economic emergence as well as changing from controlling inflation to avoid recession (Web). This article describes and evaluates the main Macro Economic Policies used by the Australian Government and Reserve Bank over the last two years.Australian government has successfully utilized fiscal policy to alleviate the macroeconomic effects which includes substantial increase in surplus while reducing the government’s debt ratio.
4 Pages(1000 words)Essay
Australia's Economy Over The Last Two Years
Macroeconomic policies include different rules and regulations, which the government of a country sets with the sole intention of having control over the economy (Economic Times 2013). The indicators of an economy, which are influenced by macroeconomic policies involve the aspects of money supply, unemployment rate, national income, inflation, interest rate, and growth rate, among many others.
4 Pages(1000 words)Essay
Workplace Change Over the Last 1015 Years
As such, many organizations have witnessed a lot of differentiation, formalization, coordination and shifts in the centralization of power (Mesut 2005). The rapid change in technology is fast being felt in the workplace. According to a recent survey carried out in the UK on some business executives, 61 percent of those interviewed concurred that technology does indeed enable new working styles.
7 Pages(1750 words)Essay
Economics - to develop an understanding of what has happened in the economy of the United Kingdom over the last two years
United Kingdom stands on the sixth position on the basis of the purchasing power and the fifth in terms of the exchange rates. The different parts of the economy will be discussed in detail in the following sections. The Gross Domestic
8 Pages(2000 words)Essay
What has happened to the canadian economy over the last two years
How has the Canadian economy weathered the economic storm during this period of global economic contraction? What can the world learn from the Canadian economic model and has it
6 Pages(1500 words)Essay
Let us find you another Essay on topic Australian Economy over the last two years for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us