Agricultural Growth in Australia: An Economic Analysis

Running head: ECONOMICS FOR MBA
Economics for MBA
Name of the student:
Name of the University:
Author note

1ECONOMICS FOR MBA
Table of Contents
Introduction:...............................................................................................................................2
Review of the selected newspaper article:.................................................................................2
Economic explanation of the chosen article:.............................................................................3
Recommendations:.....................................................................................................................4
Conclusion:................................................................................................................................5
References:.................................................................................................................................6

2ECONOMICS FOR MBA
Introduction:
Australia is a mixed developed economy that has been going through rigorous growth
period depending upon its transition from an agriculture based economy to a modern tertiary
sector based economy (Devine et al. 2018). Economic growth of the country is good enough
to make it one of the leading economy in the world that has good amount of Gross Domestic
Product (GDP) share from all the sectors of the economy. Australian economy is mainly
based on the tertiary sector and the secondary sector, which is accounted for 61.1% and 8.1%
share to the country’s GDP (Kurronen 2015). However, it can be seen that the agricultural
sector of the state possess special importance that shares 12.2% of the total GDP (Sippel
2015). Under this situation, this report is aimed to discuss the recent growth of the
agricultural sector with the help of a chosen newspaper report, which will portray the present
situation clearly. In addition to this, the report is aimed to provide economic analysis of the
present Australian economy with the help of the economic structure like supply and demand
and next to this, it will provide recommendations for the same while providing summarised
overview of its findings in the conclusion section.
Review of the selected newspaper article:
Selected article of this report has been published in the Sydney Morning Herald back
in 2017 that highlights the rapid agricultural growth scenario of the state. The report has
highlighted that, agricultural output will enhance at 8.3% annual growth rate and the total
value of the primary sector will be 68.3 billion dollar (Gray 2017). The report also highlights
that the favourable climatic condition along with the strong performance of the livestock and
the nut production has helped the economy to gain what it is praising now. It has been found
that the nut production has been valued at 760 million dollars, which is expected to rise in
future (Smith and Cameron 2017). According to the statistics, Australian agricultural sector
provides 12% share to the nation’s GDP and in addition it produced 325,300 jobs that