Australian Economy Research Paper

Structural Change and Australian Economy Structural change is the change in the pattern of production in an economy as certain products, processes of production and industries disappear and are replaced by others. The past century has seen the relative decline of agricultural and manufacturing industries, and the rise of services and new technology sectors. Structural change can be caused by a wide range of economic influences including changes in the pattern of consumer demand and technological change. The speed of structural change depends on the ability of an economy or industry to adjust quickly. People's natural resistance to change and government regulation often impedes the process of

The unemployment rate measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month. Unemployment is termed as a major health of the economy and every country tries to reduce unemployment rate for sustainable growth. It is referred as the number of unemployed workers divided by the total civilian labour force. Every economy tries to ensure full employment in the country but there is the existence of natural rate of unemployment though nation tries hard to obtain full employment in the country.

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.

The government implements an economic policy mix involving macroeconomic and microeconomic policy in order to achieve their objectives. The three main objectives include:

Australia is almost self-sufficient in lumber production. Most of roundwood production is broadleaved, and timber plantations account for about one-fifth of the lumber output. Most fishing in Australia is marine, three-fifths from the Indian Ocean and two-fifths from the Pacific Ocean.

By 2016, Australia assess that mining had raised genuine per capital household extra income by 13%, raised genuine wages by 6% and brought down the unemployment rate by around 1¼ rate focuses. There have additionally been cost. The mining has prompted a huge valuation for the Australian dollar that has weighed on different enterprises presented to exchange, for example, assembling and farming.

Australian federation was a main turning point in Australia’s history, not so much for it’s camaraderie and sprit, but to legislate and retaliate against three main concerns that had arose in our developing nation; Australia’s defence, immigration and trade. With the introduction of Federation to Australia, all three problems were fixed, and much more.

Globalisation is not new. Australia has been involved in trade, investment, financial flows, technology transfers and the migration of labour since its foundation as a colony. What has changed is the size, direction and influence of these transfers, especially since 1980. There are a number of factors that have aided this transformation. They include:

Australia has several ties with other countries. These ties are established in several ways, one of which is through trade. The nature of trade includes exporting and importing goods and services which form trade links with partner countries. Trade comes with its advantages and disadvantages. Australia also takes part in multilateral agreements, such as APEC, to be able to strengthen trade links.

Australian trade direction changed from UK to Japan and then switched to China recently followed by the growth of Chinese economy. Between 2012 and 2013, agricultural products worth $38,268 million in total were export to the top country - China.

The current economy has hurt many retail businesses. Every month another retail giant closes its doors. Retail stores which we never would have imagined have gone bankrupt. Retail sales have declined greatly. Major cause of this declination is because many people are unemployed and cannot afford to purchase anything. Retailers are forced to discount prices to increase sales, but discounting still hurts margins. Retailers are assuming a very

A direct economic contribution of tourism to the Australian economy is generated where a direct physical or economic relationship exists between the visitor and producer of goods and services. The immediate expenditure of the visitors is primarily focus on direct contribution. The indirect contribution of tourism comes from other industries that are in one way or another connected to the tourism sector. This sectors include but not limited to; agriculture, transport, health care etc (Ap & Compton 1993).

Yet, inspite of this high wage-level, expanded supply can't take care of the demand as there is an absence of gifted work in Australian market (Human Asset Administration Australia, 1988)).

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 the United States, minimum wage has remained at a low number for several years. Minimum wage is defined as the lowest possible income that an employer can legally pay an employee. This ensures that all people are fairly paid and not defrauded by companies or businesses. Minimum wage is considered a price floor and the minimum wage laws determine the lowest price possible that any employer must pay for labor. In an economic model, the quantity of supplied is greater than the quantity demanded and the minimum wage is above equilibrium price and quantity. Minimum wage prevents labor supplied and labor demanded from moving