Australia 's Economic Success And Growth Rates

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.

Australia and China adopt very different economic systems in order to cater the best for their society. However, Australia's economic system is more successful than China's and, due to the writer's right-wing value system, will be measured in terms of environmental efficiency, labour and entrepreneurial resource efficiency and the standard of living.

Australia's narrow export base is one structural factor affecting BOGS. Australia's main exports are mainly coal, beef, iron ores and wool. Despite Australia having a strong manufacturing sector, many countries such as China are able to produce goods more cheaply. If many countries can produce the same goods at a cheaper price, it affects the rate of Australia's exports.

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’s trading links with other countries, specifically the Asia-Pacific region, has led to its advancing development in the modern world. Australia has always had strong trading links with the world and relies heavily on imports and exports. Australia Imports products such as petroleum and cars from other countries primarily China, The United States and Japan.

The world price of Australia’s mining exports has more than tripled over the past decade, while investment spending by the mining sector increased from 2 per cent of GDP to 8 per cent. This ‘mining boom’ represents one of the largest shocks to hit the Australian economy in generations. This paper attempts to quantify some of its effects, using top-down analysis of the Australian economy. It will show the mining boom has substantially increased Australian living standards. By 2016, we estimate that it had raised real per capita household disposable income by 13 per cent, raised real wages by 6 per cent and lowered the unemployment rate by about 1¼ percentage points. There have also been costs. The boom has led to a large appreciation of the Australian dollar that has weighed on other industries exposed to trade, such as manufacturing and agriculture.

Suggesting any economic or policy reforms to the Australian Economy requires us to understand the evolution of an economy and the factors effecting it both intrinsically and globally.

China is one of the biggest countries along with Thailand and Japan who make goods for Australia. Being Australia’s third largest merchandise trading partner and seventh largest service export market in 2003, China might significantly affect the Australian economy through any changes made to its trade policies. A more liberal Chinese trade policy could increase Australia’s income in part through greater market access for its exports. Of every hundred dollars of national

Examine the similarities and differences between the Australian and Chinese economies Australia and China have similarities and differences in their economy. Therefore, examination is made between these two nations. Similarities and differences will be identified by GDP, GDP per capital, unemployment levels, standard of living, environmental issue, inequality and role of government. Australia and China's economy size has a vast difference. China's has a population of 1 billion people ranking (2nd) where Australia has a population of 23 million people ranking (12th).

This research paper is an empirical investigation comparing the economic growth of Australia, China and the United States. It covers four topics which include the production model, the Romer model’s growth rate

But there are also disadvantages. While Australia’s wool industry and other sections of Australia’s economy would profit from the FTA, there are also losers. The car, clothing and vegetable industry could be destroyed by the Chinese exports, because the Chinese producers can offer their products much cheaper. “But they don’t face the same quality assurance condition and have access to cheap labour.”(the Age,April 20, 2005) China could swamp Australia with below-cost imports. The Australian producers aren’t competitive, so they will loose market shares. Before the negotiations begin, Australia has to recognize China as a market economy. “But the prices for Chinese products appear to be set by authorities instead of markets”(the Age, December 6,2004) and the products are often dumped, so a recognition would undermine Australia’s anti-dumping powers. Chinas rules of law in commerce are still underdeveloped and the economy isn’t fully transparent. If Australia recognises china as a market economy the minister isn’t required to resort surrogacy, where unreliable or no pricing information is available. So there would be Legislative or administrative changes needed to undertake action against predatory priced products dumped on the Australian market. Besides China’s benefits of this deal will be grater than the Australian ones, because China is

With a GDP of over $1 trillion USD, the Australian economy is among the largest in the world (Cornett and Saunders, 2014). Australia is trading partners with the United States, China, and Japan, but their economic ties are mainly centered in the Pacific Rim. Exports are crucial to the country’s GDP and this has created problems regarding sustainability in the Australian economy.

Australia has experienced an impressive economic boom in recent years on the back of selling natural resources, including coal and iron ore, to its Asian neighbours, and China accounts for more than a quarter of its exports. So weakness in the Chinese economy is bad news for Australia. Research by consultancy Oxford Economics last week, which modelled the impact of a 10% Chinese devaluation, accompanied by a sharp slowdown, suggested other hard-hit countries could include Brazil, Russia, Chile and Korea. If Beijing allows the yuan to decline further in coming months, it could increase trade tensions, or even a “currency war”, in which the world’s big trading blocs face off in a beggar-thy-neighbour battle to seize the largest possible share

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

72% of Australia’s two-way trade is within the APEC countries. Like the G20, this trade relationship is quite significant. Australia’s single top import is personal travel services, however overall most of what Australia imports is petroleum products and motor vehicles. It’s appetite for refined petroleum increased by 12% over the past 5 years. Australia’s top exports are its natural resources, iron ores, coal and natural gas. (Australian Government: Department of Foreign Affairs and Trade, 2014)