Economy Of Australia

In todays world of recession that has hit the world in a very big way, both the U.S.A. and Europe ar suffering. Australia, on the other hand, has not felt the recession as much as U.S.A. and Europe. Over the last two decades, Australias thriftiness has experienced positive reforms that have boosted its saving, and raised its standard of living. Australia is today riding the commodity boom, in particular signing capacious contracts with China to feed the fastest growing large economy in the world with the raw materials and energy it so sternly needs. (B.Davis (2011) retrieved April 8, 2011 http://www.economywatch.com/world_economy/australia [website])

The Australian economy grew for 17 years in front the global financial crisis. In 2010 The Rudd Government light-emitting diode by the Labor Party introduced a fiscal stimulus case worth over $50 billion (US dollars) to first-class honours degree the effect of the slowing world economy. Kevin Rudd was in the character as the Prime Minister from December 3, 2007-June 24, 2010. His stimulus package will re chief(prenominal) in effect until 2014. His policy helped the Australian economy rebound after just one fanny of negative growth. The economy grew by 1.2% during 2010 which is the best performance in OECD. As a result in the improved economy, the work out deficit is expected to peek below 4.



2% of GDP and the brass could return the surpluses as early as 2015.

Australia has two main political parties. The first is Liberal Party of Australia. They have institutionalise to selecther an economic action plan which includes boosting work ram participation. They plan on introducing a new job fealty bonus payment which will encourage long condition unemployed to find a job and keep it. They besides would like to better support small businesses. Their plan to tornado support is to introduce a reduced company impose by 1.5% dropping the small business tax from 30% to 28.5%. There final goal for the government is to reform the stand delivery. They have created a 15 year plan, clearly...If you want to get a full essay, order it on our website: Ordercustompaper.com



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