The Role Of Production And Employment On Australia 's Economy

Australia is one of the richest countries in the world. It is one of the developed countries whose unemployment rate is above 5 percent. Perkins and Angley (2003) asserted that the increasing impact of globalization, combined with a change in

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.

Analyse the causes of unemployment, its effects on the Australian economy and how they are addressed through use of macroeconomic policies.

The present study will aim to address the labour shortage in Australia that ultimately affects the economic growth of the country. From this perspective, Gavin (2010) points out that “The minerals and energy industry continues to make a significant contribution to employment and wider economic activity in the communities of regional Australia, and to governments directly through taxes and royalties. Skilled labour shortages; however, will continue to have an impact on the nation’s future growth and development prospects, especially in the minerals and energy industry” (p. 1).

The skills shortage issue in the Australian labour market is very apparent. In any case, the reasons as to why this is occurring always relates to factors of change. These factors of change include; the general economic conditions, conditions in the firms industry, changes in technology, the ageing population, the demand for labour, and the education, skills and experience of workers. The government investigates ways in which they can protect the Australian economy and the Australian workforce. This is done by the analysis of policies that could be put in place. The Budget Speech announced by Wayne Swan includes government policies that can address the issue of the skills shortage in the Australian labour market. Jobs and Skills Expos are

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.

Australia is a market economy which distributes income to factors of production- land, labour, capital and enterprise. Income as defined by L. Kirkwood et al as the inflow of money to one sector of an economy from another. The distribution of income in the economy is in the form of wages, salaries, rent, interests and profit, all which are distributed by the factors of production (L. Kirkwood et al: 2006). Unlike income, wealth is the stock of goods and assets owned by individuals and the nation as a whole at a given period of time L. Kirkwood et al: 2006). As well as possessions individuals can also obtain wealth through education or obtaining a particular skill. It is with wages and salaries that determine the income and the next most important category government pensions and cash benefits L. Kirkwood et al: 2006).

Unemployment is a social problem in Australia, which affects a majority of society in many ways. Not only can it cause financial debt to families, but from there it can cause family breakdowns, social isolation, shame and it can even lead to violence. The Conflict theory perspective explains how unemployment can be caused by class and power by focusing on the inequality within society. The inequality sequentially predicts that the poorer members of society struggle to find employment, to be able to get education to find suitable employment and are.

In order to create Australia’s image as a working man’s paradise, workers gained rights to speak. The first of these issues to be discussed are the hours of work. The balanced working time of eight-hour day movement was introduced in the mid 19th century. It was conducted by trade unions for the right of shorter working hours suitable Australia’s harsh climate. This fairer working condition of eight-hour day has succeeded by the end of the century, when the government introduced fairer laws in the late 1890s which attempted to reduce working hours and give workers Saturday afternoon off. This achievement established a national standard that was aspired by the rest of the world and formed the basis of Australia’s reputation as a ‘working man’s paradise’.

By 2016, Australia assess that mining had raised genuine per capital household extra income by 13%, raised genuine wages by 6% and brought down the unemployment rate by around 1¼ rate focuses. There have additionally been cost. The mining has prompted a huge valuation for the Australian dollar that has weighed on different enterprises presented to exchange, for example, assembling and farming.

Suggesting any economic or policy reforms to the Australian Economy requires us to understand the evolution of an economy and the factors effecting it both intrinsically and globally.

Poverty, deprivation and exclusion (Saunders, 2011) are factors that have been identified as Australian societal consequences that affect the unemployed today. This essay will gain a greater knowledge of complex social disadvantages that must be recognised. In doing so studies, debates and solutions have the opportunity to gain further insight into how citizens value issues of poverty and disadvantage. While at the same time (Blakemore & Warwick-Booth, 2013) understanding how Governments introduce social policies as a means of ‘real world’ problem solving. With the purpose of understanding income management and unemployment. This essay will explain the (Blakemore & Warwick-Booth, 2013) intentions, statements, goals and ideas behind

Australia has an interesting form of government, but their economy is very strong. Australia’s government is a constitutional monarchy. This means the Australian constitution decides how the country should be governed. The Australian economy is very strong. It is one of the world's richest, most developed countries. Its wealth has come from farming and mining, unlike other countries whose wealth comes from manufactured goods. Australia solely depends on its mines and farms to produce goods that will later be exported. Australian transportation is the same as American transportation. They use cars, buses, trains, ferries, planes and boats to get around. The most common form of transportation is by car. In modern day Australia, people most frequently

Unemployment is recognised as one of the most challenging social problems currently facing Australia. In the last two decades and more recently with the global recession high levels of unemployment have become an established feature of the South Australian social and economic landscape, with young people aged 15 to 24 years among those hardest hit by unemployment.

Alexander, R., & Lewer, J., (1998). Understanding Australian Industrial Relations (5th ed.). Sydney: Harcourt House, Chapter 7.