Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Australia's Economy Over The Last Two Years - Essay Example

Comments (0) Cite this document
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)…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.3% of users find it useful
Australias Economy Over The Last Two Years
Read TextPreview

Extract of sample "Australia's Economy Over The Last Two Years"

Download file to see previous pages In Australia, the Australian government and the Reserve Bank of Australia play a major role in the country’s economics, as these determine the macroeconomic policies in the country. According to the International Labour Organization (2013), a microeconomic policy that is aimed at achieving economic stability in a country, is a paramount condition for the achievement and sustenance of high levels of development tin a country. Nonetheless, this part of the essay explores the main macroeconomic policies used by the Australian Government and the Reserve Bank of Australia over the last two years. There are two core macroeconomic policies, which a country can use, and these include the monetary and the fiscal policy. Nonetheless, the Australian government and the Reserve Bank of Australia have in the past two years, used these to control the economy. Fiscal policy in Australia includes the level and composition of government revenues and outlays, methods of financing a budget deficit or using a budget surplus, the operation of automatic and discretionary stabilizers, and the provision of incentives to increase aggregate supply. According to Parkinson (2012), a major function of Australia’s fiscal policy is to ensure the maintenance of fiscal sustainability from a medium-term perspective. Parkinson (2012) also notes that monetary policy in Australia has the main purpose of maintaining inflation between 2 and 3 percent. The monetary policy in Australia has to do with the Reserve Bank of Australia interest rate, as well as the exchange rate policies, and transmission mechanisms. This serves to anchor inflation expectations, and has the responsibility of managing demand. This is with the aim of ensuring that the country’s economy remains on a stable path of growth, and maintains a low rate of inflation. Therefore, monetary policy and fiscal policy, as well as exchange rate, are three core aspects of Australia’s macroeconomic framework, which have been extremely important for the past two years, as these have provided a great level of flexibility for the country to deal with economic shocks that it experiences from time to time. Parkinson (2012) notes that the Australian macroeconomic policy framework is an asset and an endowment to the country, as it forms a core part of the country’s productive base. Nonetheless, for the past two years, these have been effective in ensuring that Australia addresses its economic problems, and the Australian government achieves its economic objectives. The Reserve Bank of Australia deals with all the issues pertaining the monetary policy. Nonetheless, a major aspect of the monetary policy, which the Reserve Bank of Australia utilizes is the interest rate. This interest rate influences differently other interest rates in the economy, so that the borrowers and lenders in the money markets come under the influence of the monetary policy. The Reserve Bank of Australia controls the interest rates in a manner that will ensure that the objectives of the Reserve Bank Act 1959 are attained. These include, and are not limited to ensuring a stable currency of the country, preventing unemployment, boosting living standards of citizens, and ensuring economic empowerment of the people (Reserve Bank of Australia 2013). In order to ease or loosen bonds, the Reserve Bank of Australia would buy bonds in order to create excess liquidity, putting downward pressure on interest rates, allowing increased consumer and investment spending, and finally lower the rate of unemployment. Similarly, when there is a possibility of the rate of inflation to increase, the Reserve Bank ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Australia's Economy Over The Last Two Years Essay”, n.d.)
Australia's Economy Over The Last Two Years Essay. Retrieved from
(Australia'S Economy Over The Last Two Years Essay)
Australia'S Economy Over The Last Two Years Essay.
“Australia'S Economy Over The Last Two Years Essay”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Australia's Economy Over The Last Two Years

American economy over the last two years (2009-2010)

...?Running head: American Economy over the Last Two Years American Economy over the Last Two Years Insert Insert Grade Insert 12 April 2011 American Economy over the Last Two Years Success of American Government and the U.S. Federal Reserve been in running the American economy The American economy has experienced an economic crisis for the last two years particularly in 2009 when the whole economy experienced financial shocks and losses in the financial and capital markets. 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...
8 Pages(2000 words)Essay

Australian Economy over the Last Two Years

If you do not see a reference, check your original document in case there is a footnote that Viper has not detected. Viper will show a match where there is a string of 5 or more words that are the same as your work. So it will identify fragments that match, which are not necessarily plagiarism. It is important that Viper does not ignore these fragments as they draw your attention to any sentences where the writer has 'rephrased' parts of the original material (keeping the initial structure) without giving due credit. Sometimes, Viper will identify matching material that is available on websites, but which the Writer may have actually taken from somewhere else (and given proper credit for). So the fact that the work has content wh...
8 Pages(2000 words)Essay

Australian Economy over the last two years

... 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).” ( 2010). The sector...
8 Pages(2000 words)Essay

What Has Happened in the Economy of the United Kingdom over the Last Two Years

...A Study of the Economy of UK of XXXXXX Presented By Number: Supervisor: a) How successful has the government and the Bank of England been in running the British economy over the last two years? With the housing markets in a disaster, inflation at its peak the United Kingdom is now showing sure signs of recession. Even though the country has been able to recover after the recession in 1990, the country is now after a long period of success and a booming economy seeing the recession coming in again (Jolly, 2008). 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. Gross...
8 Pages(2000 words)Assignment

What has happened in a CHOSEN EUROPEAN ECONOMY over the last two years

.... Firstly, by taming expectations, actual inflation can be controlled; and secondly, this will also lead to stability in employment and output. Similarly, purpose of the fiscal policy (whereby the government alters public expenditure and taxation policies) is to boost aggregate demand of the country, which in turn is expected to improve growth rate of the economy (Lawton, 2013). The purpose of this paper is to discuss performance of Germany over the last two years, in terms of effectiveness of the government and central bank policies as well as macroeconomic variables. Effectiveness of Government and Central Bank Policies In the wake of the global financial crisis, Germany, like most other developed countries, is following the policy...
8 Pages(2000 words)Assignment

Cultural History Versus Political History: The Varying Methods of the Two Fathers of History

Even though they have these similarities and have both been bestowed with the same title, these two historians drastically differed in their approaches.

Herodotus had another title bestowed upon him; he was also called the “Father of Lies.” Much of what is known of him has been gathered from his own writings as few other sources are available from his actual life. It should also be noted that the veracity of this information is in question as Herodotus was known to invent much in his own work, and it was sometimes the practice in Ancient Greece to attribute events from the life of one person to another; for instance, it has been questioned if the accounts of Herodotus’ exile are only due to the fact th...
10 Pages(2500 words)Essay

Built to Last by James Collins

The first and most important reason underlying the success of any company is the “core ideology”. These companies, whom he refers to as the visionary companies have at their heart, a set of “core values and a sense of purpose” (P.39) It is these strong fundamentals, that inspire the workers to do more than just work and make money. It guides them through their as well as the company’s goals.
Secondly, the companies indoctrinate their core ideology and thirdly set about the task of identifying people who are in concord with these key ideologies and train them to take on key leadership positions. The last principle of their success is the policy of aligning the organization in view with its avowed...
12 Pages(3000 words)Book Report/Review

Community Policing Over The Last 25 Years

Meaning that citizens have the same officers to see often. By having the same officers all time gives them an identity to the citizens. A police officer is no longer just a badge number, instead, he is the person you see standing outside the McDonalds or the guy you talk to while on your walk through the park. Officers become friends to the people. This trust that is built can be very useful to an officer when he has questions about a crime. Currently, after 1990 cops don't have the best reputation in many communities, in fact, they are often seen as the enemy. This is probably because the only time a person would encounter a police officer is when the cops believe they've done something wrong. If a person is finding himself in si...
12 Pages(3000 words)Essay

Transatlantic Dispute over GMO Regulations

There has in the past been a row over the regulations of Genetically Modified Organisms (GMO) or Genetically Engineered Organisms (GEO), where different factors have been quoted by different stakeholders. The most notable of the stakeholders have been United States, Canada, and Argentina, which have brought about consultations aimed at straightening the disputes, with the European Community (EU), under the auspices of the World Trade Organization (WTO), and in respect to the “Moratorium for Regulations and Approval of Biotech Products” (Pipe SW 2008, pg 11). Based on the fact that the whole issue of GMOs rotates around a process where an organism has its genetic material altered using genetic techniques is in itself a...
6 Pages(1500 words)Coursework

Indigenous Community Health in Central Queensland-Australia

Though present in many regions of Australia, New South Wales, and Queensland make up for the largest concentrations of the indigenous population. A larger percentage of this population inhabit rural and remote areas. The median age of this indigenous population is 21 years, which is much lower than the non-indigenous population at 37 years. High fertility rates and low life spans in the indigenous community are believed to be the cause of this disparity in median age. Unemployment and low earnings are characteristic differences in the indigenous population and the non-indigenous population. The unemployment rate of the indigenous population is threefold that of the non-indigenous population. The average weekly income of the indige...
6 Pages(1500 words)Coursework

Pathophysiological Processes Involved in Type Two Diabetes

Changes in lifestyle and behavior, in particular, sedentary jobs combined with lack of exercise and an increase in disposable income combined with lower food prices, have resulted in a veritable explosion of type 2 diabetes. Left untreated, type 2 diabetes can lead to a series of complications and illnesses and a high incidence of premature morbidity. However, over-rich nutrition and the resulting obesity are not the only risk factors as there are different levels of susceptibility to type 2 diabetes in different ethnic groups.

According to statistics released by the World Health Organization (WHO), currently, 180 million people worldwide have diabetes, with 2.9 million deaths per year occurring due to complications cau...
9 Pages(2250 words)Coursework

Aquaculture Black Brawns in Port Douglas, Australia

Situated in Port Douglas, North Queensland; the Black Brawns Aquaculture project mainly concentrates on the production of prawns. Prawns are mostly produced in large-scale ponds. The process of this production runs 24 hours a day throughout the year. It is a four-stage process that involves hatching, growing, harvesting and processing of the prawns. Given that the prawns feed at night, most of the activities of feeding run between 11 pm to dawn (Anderson Et al, 2006 p 4).
Prawn farming in Australia is a thriving industry that employs 2,800 people directly and indirectly. It produces 3,500 metric tons of prawns annually in farms covering 900 hectares. It raises a total revenue of US$ 47 million (FAO, 2009). Apart from Port Dou...
9 Pages(2250 words)Coursework

Effect of Corporations Moving Jobs Overseas on the Economy

The issue comes into focus, whenever there are political, economic debates or talks about H1B visa limits. The economic slowdown has further led to the intensification of these debates. But, despite apprehensions from different quarters, neither the companies nor the government has said a final word on the trend. Increasing levels of competition amongst the corporate houses have been one of the key highlights of the globalization era. Be it the retail sector, the banking, the automobile, the IT-enabled services, the white goods space, etc. the companies have always been on the lookout for reaching out to more number of customers while doing everything possible to please the existing lot. Leveraging the economies of scale has prove...
8 Pages(2000 words)Coursework

The Evolution of Australia Terrestrial Vertebrates

Marsupial species including diprotodons and a giant reptile, the Megalania, a goanna species measuring up to 7 meters in length, disappeared within a relatively short time. Australia suffered greater extinction rates than other continents with an estimate of over 85% of all vertebrates over a bodyweight of 40 kilograms becoming extinct (Roberts et al, 2001).
Australian megafauna during the Pleistocene included marsupial mammals, birds, and reptiles, with marsupial herbivores weighing up to 1,500 kilograms. Kangaroo species reached weights of up to 1,000 kilograms and the largest bird, Geyornis newton, weighed an estimated 100 kg (Hiscock, 2008).
The tendency to evolve into larger species (gigantism) is a product of natur...
6 Pages(1500 words)Assignment

China Faces Pressure over Currency

Making its products cheaper in the US and thus encouraging imbalanced trade. It has been universally agreed that the free-floating Yuan would be significantly worth 15 cents.
Chinese economists feel that the impact has been over-exaggerated and particularly to America from Yuan revaluation. In particular, a stronger Yuan will not reduce the US’s trade deficit as there is a very smart segment of overlap between China and America Production and hence the US will not be able to replace Chinese imports. The consumer will end up paying more for imports from china or Vietnam and this would be like imposing a tax on US consumers.
The World Bank chief also disagrees with the US’s suggestion on China's currency rise a...
9 Pages(2250 words)Assignment

Contrast of Two Explanations of Social Disorder in Contemporary UK Society

As the process of urbanization takes off and more people start residing in major cities, the fissures start to appear within the apparent harmonious co-existence. There are several reasons why disorderly conduct on part of individuals and groups takes place. Sociologists have proposed numerous theories explaining this phenomenon.

Erving Goffman was an astute observer of society, who immersed himself in the social environment which he was studying. He carefully observed and recorded the ways in which people’s behavior and interpersonal interactions are carried out in everyday life. He notes that “people perform their social roles and, as they do so, they produce social order through their actions and the regu...
6 Pages(1500 words)Article
sponsored ads
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.

Let us find you another Essay on topic Australia's Economy Over The Last Two Years for FREE!

Contact Us