The Global Financial Crisis Of Australia

1834 Words Sep 27th, 2016 8 Pages
Introduction
The Global Financial Crisis (GFC) was the the deepest recession after the World War II economy recession. Australia emerged as the least affected by GFC as compared to other developed economies of the world. After the quarter with negative growth, the march quarter 2009 (0.4% GDP growth), suggested that Australia was able to escape from the world-wide recession.
This article looks at each of these three different factors responsible for relatively strong performance of the Australian economy over this period and will examine their role that each may have played. Firstly, the fiscal stimulus policies adopted by Federal Government: secondly, timely policy responses to the effects of the global financial crisis by Reserve Bank of Australia and thirdly, the Australian economy trades significantly with Asia and in particular, China, and how the economy was beneficial from Chinese growth in the global slowdown. (the performance of our major trading partners, particularly China.)

Australia emerged as the least affected economy by GFC: Role played by each factor
Australia was able to maintain continuously impressive GDP growth as compared to other developed countries since the Global Financial Crisis (GFC) began in 2007. Australia survived from recession by attaining 1% positive growth in the 2008-2009 financial year where many countries of OECD were in recession.

Federal Government

During the crisis, Australia 's financial system was properly structured and…

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