Amidst a national economic crisis, many people seem to overlook the fact that several other countries throughout the world are also having problems with their economy. Among these is Australia, a country most people forget about other than their occasional dinner at the "Outback", but under all those stereotypes of Kangaroos and Adventurers lies a normal country with normal economic responsibilities. Over the past several years Australia has developed a prosperous Western-style capitalist economy, with a per capita GDP comparable to other West European countries. Rich in natural resources, Australia is a major exporter of agricultural products, minerals, metals, and fossil fuels. Like many other countries Australia suffered from low growth and high unemployment throughout the late 80s, early 1990s. Yet, in 1992-93 the economy recovered slowly from the prolonged recession, a major restraining factor being, weak world demand for Australia's exports. Growth picked up so strongly in 1994 that the government felt the need for fiscal and monetary tightening by the year's end. Australia's GDP grew 6.4% in 1994, largely due to increases in industrial output and business investment. While our interactions with Australia aren't widely known, the U.S. economic interests in Australia are substantial, including direct investment worth approximately US $16 billion and a bilateral trade surplus of approximately US $6 billion (up by approximately US $600 million from 1993).
[...] Pursuing a goal of a globally competitive economy, the Australian government is continuing a program of economic reform that begun in the 1980s that includes an accelerated timetable for the reduction of protection and micro-economic reform. Initially broad in scope, the Australian government's program is now focusing on industry-by-industry, micro-economic changes designed to compel businesses to become more competitive.[7] The strategy has three main goals: protection must be reduced; the pace of reform needs to be accelerated; and industry must learn to do without high levels of protection. [...]
[...] Work Cited The Australian Bureau of Statistics Sept The Economy and Economic Resources Oct . Craig, J.D. Transforming the tortoise : a breakthrough to improve Australia's place in the economic race. Nundah, Qld: Prosperity Press Greber, Jacob. “Australian Economy Has `Stood Up Well' to Crisis, OECD Says.” Bloomberg News 10 Oct Oct Maddock, Rodney, and Ian W. McLean. The Australian Economy in the Long Run. Cambridge, UK: Cambridge University Press McKissack, Adam, et al. “Structural effects of a sustained rise in the terms of trade.” Australian Government Department of Treasury July Oct [...]
[...] And without a doubt it is definitely one of the most welcome countries where thousands can immigrate to find employment. To add to that there was a downturn in emigration because there was no longer a shortage in jobs. Now it's considered a country with a booming economy. Another factor that contributed to the rise in the number of the labor force is that women leaving the home to work and more young people are going to college to get advanced degrees to join the work world. [...]
[...] Now just because there is a larger number of employed people in the cities of Australia, and more money coming in, it still is unable to completely fund all the agencies that need the money. With global economic increases comes the need to spend more money and while Australia is on the track towards decreasing debt, it still is under funded in areas such as health care.[11] So as the country is putting money in much needed places such as education, others are unavoidably overlooked. [...]
[...] “Launch of Emissaries of Trade: A History of the Australian Trade Commissioner Service.” Austrade Office, Melbourne Aug Office of the Parlimentary Secretary Oct < http: de.html>. Whaples, Robert, and Bernard Attard. Economic History of Australia from 1788: An Introduction.” EH.Net Economic History Encyclopedia Mar Economic History Association Oct < http:>. Murphy , MP, John. “Launch of Emissaries of Trade: A History of the Australian Trade Commissioner Service.” Austrade Office, Melbourne Aug Office of the Parlimentary Secretary Oct < http: de.html>. McKissack, Adam, et al. [...]
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