The Effects of Globalisation on Australia

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“The Effects of Globalisation on Australia” Economic, Social, Cultural, Environmental and Political Word Count: 1,638 Table of Contents Table of Contents 2 Executive Summary 3 Introduction 4 Economic 5 Social 7 Cultural 9 Environmental 10 Political 11 Conclusion 12 References 13 Executive Summary The effects of Globalisation on Australia can be disseminated into a number of different categories. For the purposes of this report five major categories including Economic, Social, Cultural, Environmental and Political have been explored and summarised but is by no means exhaustive. The overall effects and impact of globalisation on Australia may well be positive to the general population, but there will always be…show more content…
The internet has allowed the money market to operate 24 hours a day. It has been noted however that exchange rate volatility has increased,[v] which makes it more difficult for the government to set monetary policy. Microeconomic reforms, structural changes and the introduction of new technologies altered the level of production and consumption in the manufacturing sector in the late 1980’s and 1990’s. The textile, footwear, clothing and motor vehicle industries were dramatically affected by these reforms and many jobs were lost. The Australian Government participated in the reduction of trade barriers as part of the General Agreement on Tariffs & Trade (GATT). As a result there have been pressures on the above mentioned industries that were previously protected. They have effectively become, or are becoming, casualties of what is termed ‘a race to the bottom’ between national governments as they attempt to attract investment by undercutting competition.[vi] The industries without protection are inefficient and thus profit is affected forcing firms to shift elsewhere or outsource in search of improving efficiencies. Many Australian businesses are now outsourcing, or shifting their production or services offshore where there is cheap
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