Australia's Business Cycle

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 became a commonwealth of the British Empire in 1901. It was able to take advantage of its natural resources to rapidly develop its agricultural and manufacturing industries and to make a major contribution to the British effort in World Wars I and II. Now, Australia has a prosperous Western-style capitalist economy, with a per capita GDP at the level of the four dominant West European economies. Rich in natural resources, Australia is a major exporter of agricultural products, minerals, metals, and fossil fuels.

Did you know Australia use to be a big prison? Australia is the 6th largest continent. Australia is the only continent covered by a single country. In Australia there are more kangaroo’s than people. A person in Australia hasn’t died from a spider bite since 1987. The top ten deadliest snakes live in Australia. There are over 200 different languages which are spoken in Australia. This includes 45 languages, as well non-English languages like Greek, Italian, Cantonese, Vietnamese, Mandarin, and Arabic. A desert area known as the outback covers much of the land.

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 has also experienced a rising terms of trade to 130.0 in late 2011 due to the commodities boom as a result of the industrialization of the BRICs, whereby Australia has experienced high export and national income, but has resulted in less competitiveness in other sectors due to the high AUD, causing the ‘Dutch disease’ whereby non-commodity sectors lose competitiveness. Similarly is can be seen in its narrow export base whereby in 2012-13 one third of export revenue came from coal and iron ore ($96 billion from 300 billion), furthermore 57% of Australian export revenue is made up of mineral and energy exports, whereby Australian growth has been largely fuelled by commodity exports and mining boom.

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 type of government is a constitutional monarchy whose head of state is Queen Elizabeth the second. During its early western history, Australia was a collection of British colonies, therefore, it’s literary, visual and theatrical traditions began with the strong links to the broader traditions of English and Irish literature. Australia's economy is developed and one of the largest mixed market economies in the world.

The LNG Company claimed that it would be ecofriendly but is it really? If the LNG Company were built it will pump up to

Over the years Brownsville, Texas has been in the process of industrializing and coming up with ideas to do so. Recently, Brownsville has proposed to build a Liquefied natural gas, “(LNG) is natural gas (predominantly methane, CH4) that has been converted to liquid form for ease of storage or transport” (Project).

In this paper, I will explain the roles and importance of the Business cycle Dating committee of the National Bureau of Economic Research. I will also explain how the NBER defines and dates recessions. Finally I will explain the important aspects and effects of the last recession.

Historically, Australia’s regional and global interests were tied to Great Britain, particularly in the first 150 years since white settlement. Post Second World War, however, Australia became less reliant on its ties with the Commonwealth and foreign policy focused on establishing greater links with the US and its closest neighbours in South East Asia. While successive Australian governments have recognized the need for independence, its search for regional and even global influence still requires it to create new linkages and multi-national groupings within which Australia’s, economic, cultural or geopolitical interests need to be managed and promoted. Australia’s defence capabilities allow it to forge great relationships with other nations

Booms, busts, recessions, and growth; all of the preceding terms are characteristics of a typical market economy. There are times when an economy can flourish spectacularly and there are times when it can fail miserably. Consequently, it is the responsibility of a nation’s central bank to manage these fluctuations through conducting effective monetary policy. The following paper will assume the perspective of the Reserve Bank of Australia (RBA) and critically analyze the past, present, and future of the Australian economy while considering specific sectors.

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

Recent spike in US and Canada shale gas production have reduced the prices in the region to historical minimum of less than $4/MMBtu, a half of the price for Europe and five times less the price for China or Japan. This difference in prices has raised huge interest to export of LNG from USA to Asian market. Out of country’s total 11 LNG

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