Role of Government in Mixed Economies Such as Australia

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 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.

Section 51 (xxix) of the Constitution of Australia grants exclusive power to the Commonwealth to legislate with regard to external affairs. Since its inception, through the development of case law, the external affairs power has been found to consist of three limbs:

There are two main perspectives on foreign aid in Australia – are we giving too much or not enough? Foreign aid is given to developing countries, and is necessary to build an environment where policies and infrastructure can be in place to support other sources of finance. Australia is part of the worldwide foreign aid commitment as we value that everyone should have a fair go, and the country plans to give $3.9 billion over 2017 and 2018. We help countries in need by contributing, food, resources, providing financial assistance, exchanging goods, personal time and knowledge. The main types of aid are humanitarian aid, which is disaster relief and emergency aid and development aid, which is a long-term commitment between nations. Australian aid is strongly on development aid particularly focused on the Asia-Pacific region, but it also has a strong commitment to African and South Asia. Interestingly, 90% of Australia’s foreign aid goes to Asia-Pacific countries such as Indonesia and Papua New Guinea, because if they build into a developed nation, then we can build trade relations, regional security and partner in defence. This is a polarizing issue that divides the nation due to different views on Australia giving aid, however, a strong foreign aid program is vital for Australia to build successful relations and regional security.

How did Australian governments deal with the perceived threat of communism after 1950, both at home and abroad?

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.

Achieving external stability is an important objective of economic policy, achieving this stability ensures that imbalances in Australia’s economic relationships with other economies do not hinder achieving domestic economic policy goals such as lower rate of unemployment, higher rate of growth and lower inflation. There are three main factors that effect external stability the deficit on the current account (CAD), net foreign liabilities and the Australian dollar. Australia’s experienced times when overseas investors decided that the economy’s external position was unstable, and when investors like such decide to withdraw their

Australia (also known as the land down under) is located in the continent of Oceania. Australia is one of 53 countries that are apart of the commonwealth and is one of the few counties that still remain under the British Monarchy today. Even though each country under the British Monarchy is independent to each other, Queen Elizabeth II is still the queen of that country just with one exception. The exception is that Queen Elizabeth II isn’t in charge of governing that country (especially Australia); this is called a Constitutional Monarchy. The queen does however elect a governor-general who represents her in Australia and in Australia’s government. The governor-general signs legislations into law, which Australia would then have to obey by. As well as being a politician the governor-general’s job is to be a symbol outside of politics for Australia.

The Australian Constitution outlines a distinction between Federal and State powers. As a rule, what is not listed in sections 51 and 52 of the Constitution is an area of state responsibility. The role of state governments is primarily concerned with matters of public interest in their state. The state is responsible for setting up and maintaining the enforcement of law and order in their respective state. Health is also a major priority, with hospitals, ambulances and community health services all being provided by the state. The state is also responsible for providing a public education system, laying down and maintaining main roads and highways, setting up irrigation, and providing public transport. In order to carry out these services

Due to the isolation of Australia geographically, surrounding countries and their economies are extremely important to Australia for instances such as trade, influence and partnerships. Indonesia is one of Australia’s closest neighbours and hence there would be some obvious similarities as well as differences due to the economic status of the country’s stage of development and the role of the Government.

EDE 325 Assignment 1 Case study (30%). Due 20th June, 2016, 1500 words (10% leeway +/-) Includes intext references.

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.

1. As per the IBIS report, the rate of interest are rising in very short period but expected to level out at

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