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 Federal System is dynamic and the division of lawmaking power between the Commonwealth and State since 1901 has changed dramatically; Critically discuss, focussing on the major reasons for those changes.
Like the British, Australia is also a system of responsible government. The Government (the Prime Minister and cabinet) is responsible to parliament. This means that at any time, the parliament can remove the Government from office or force it to call an election. However, besides the known differences between both countries such as unlike Australia’s upper house, the UK’s upper house is not elected, in terms of being more democratic, Australian federal elections attracts more attention than British because of Australia’s use of Preferential
Throughout this essay, a comparison of both Australia’s constitutional democracy and the federal republic system in the United States will take place. Australia and the United States are both a part of the federal system. Within the federal system, the national and state governments divide the power in order to govern (Parliamentary Education Office, 2016). Both Australia and the United States have two chambers, the House of Representatives and the Senate. Parliament Education office, (2016) states that there are numerous similarities between these two countries, for example, both these nations decide on the making of legal guidelines for their government. However, Australia and the United States have different forms of government and this affects how the political system is managed. Australia is a constitutional monarchy, in which the queen is the head of the state (ABC, 2004), and the United States is the federal republic where the President is the head of state (Parliamentary Education Office, 2016). A constitution is a formal structure for the state and specifies the power and institutions of the central government and its relationship with different levels. Additionally, it expresses the rights of citizens and creates limits on the government (Hague & Harrop, 2013). In a republic government, the people and their elected representative have the power and there may be an elected or nominated president (Stevenson, 2010). A constitutional democracy and the federal republic
The Australian political and judicial systems operate in a federal model that was established in 1901. Since governmental and judicial decision-making occur at both federal and state levels.
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 a federal system of government and under that system the powers are divided between a central government and individual states. Power is divided between the Commonwealth Federal Government and the six state governments. Australian Parliament consists of the Queen (which is represented by the Governor-General), the Senate, and the House of Representatives. There are three arms to the government of Australia—the legislature (Parliament), the executive branch (the Australian Government), and the judiciary branch (legal arm of the federal government). The Parliament of Australia is made up of a total of 226 people who are elected to the Senate and House of Representatives. The office
Marcio Alaor believes that the reason Australia is experiencing growth is due to the fact that they are a major exporter of commodities. They export goods to international markets like China. The are large exporters of agricultural commodities that include soybeans and wheat. They are also large exporters of mineral commodities that include aluminum and iron. Marcio Alaor also states that Australia is one of the biggest commodity exporters in the world and that is why the Australian economy is experiencing constant
America is Australia’s 5th largest trading partner, after the heavy weights of China and Japan. This is mainly due to there location compared to the United States.
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
Australian economy is ranked 5th in global ranking while in Asia-pacific regional ranking it’s ranked at 4th. The main components of Australian economy on which it’s based are retail trade 5%, manufacturing 7%, services (including finance) 58% and mining 7% and construction 9%. Currently Australia’s economy is growing at
Ever since 2014 crude oil prices have been decreasing dramatically, this has contributed to various global economic issues that has the potential to destabilise the economy.There are various factors which contribute towards these issues where the result has a negative effect on Australian industries. In order to prevent the ever decreasing crude oil prices, the Australian government needs to implement new policies and legislation which could assist to mitigate the impact of fluctuating oil prices within the economy. By doing so, there would be a positive effect on the Australian economy which could help restabilise the global economic situation.
Asia Pacific Economic Cooperation (APEC) is the pre-eminent economic rally in Australia’s region. APEC’s goal is to drive an extensive trade and investment liberalisation and facilitation agenda. It is focused on structural reform as a means of raising competitiveness and the efficiency of trade and investment flows. It has helped Australia with building and strengthening ties with other countries such as Brunei, Singapore, Philippines and other countries in the region. In 2009, 70% of Australia’s trade is with APEC countries.
Over the last decades, the relationship between ASEAN and Australia was remarkable. ASEAN represents almost 15% of the Australia two way trade, with two-way trade valued at almost $100 billion Australia dollars in 2013, while Thailand hold more than 19% (worth approx. $19.5 billion Australia dollars) of the total values of two way trade between ASEAN and Australia in 2013, which is a rapid growth of values of trade compare to 2012 figure ($18.5 billion Australia dollars).
There are three major economic factors that have combined contribution to FMG’s growth over the past 5 years, including the strong AUD , the amazing export feature due to the Chinese boom which drives up the commodity price and the interest rate decision by RBA. Australia dollar has appeared strong for the past 5 years and maintained at $6-$6.8 level for AUD/CNY at most time. It promised a high level of foreign income for Australia exporter. In 2009, China demanded almost 60% of the world’s iron ore to produce 47% of world’s steel production. It contributes the most to the price rocket from $31.78 to $180.6 US cents/mts in 5 years time. In addition, Australia borrowing cost remains high over the past few years which may alter the finance decisions of FMG.