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HI5003 - Agricultural Reforms in Australia

Choose a topic from Microeconomics and analyze a recent news article using economic concepts.

8 Pages1410 Words196 Views
   

Holmes Institute Sydney

   

HI5003 Economics for Business (HI5003)

   

Added on  2020-03-04

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In this document,  we will discuss Australia's agriculture contribution to a large share of the  National GDP. Australia earns a lot of money by exporting. Farmers in Australia can generate 93 percent of the domestic products that Australians consume on daily basis. Aside from that, the agriculture sector is interconnected with the rest of the economy. In Australia, agricultural sectors also contribute to job creation, and the unemployment rate is substantially lower.

HI5003 - Agricultural Reforms in Australia

Choose a topic from Microeconomics and analyze a recent news article using economic concepts.

   

Holmes Institute Sydney

   

HI5003 Economics for Business (HI5003)

   Added on 2020-03-04

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Running head: AGRICULTURAL REFORMS IN AUSTRALIAAgricultural Reforms in AustraliaName of the StudentName of the UniversityAuthor note
HI5003 - Agricultural Reforms in Australia_1
1AFRICULTURAL REFORMS IN AUSTRALIA Table of ContentsIntroduction......................................................................................................................................2Essence of the story.........................................................................................................................2Economic theories and concept.......................................................................................................3Demand, Supply and Free Market...............................................................................................3Agriculture support policy...........................................................................................................5Recommendation.............................................................................................................................6Conclusion.......................................................................................................................................6References........................................................................................................................................7
HI5003 - Agricultural Reforms in Australia_2
2AFRICULTURAL REFORMS IN AUSTRALIA IntroductionIn the composition of national GDP agriculture, contribute a significant portion inAustralia. Australia makes huge export earnings from exporting its primary products. Australianfarmers are able to produce 93% of domestic product used by Australian natives on daily basis.Other than, that agricultural sector possesses linkage with other sectors in the economy.Agricultural sectors also contribute to employment generation in Australia and unemploymentrate significantly lower. Nearly 1.6 million people are engaged in agriculture and other relatedfarming industries. Despite so much importance, agricultural sector receives least assistant fromthe government. The paper makes an economic analysis on news report capturing different typesof agricultural reform policy of Australian government.Essence of the story There is a well known different between the agricultural policies devised by theAustralian government and that of the rest of the world. A subsidized or regulated agriculturalmarket is the most common form of reform. In contrast free market approach has been givenmore priority in Australia. In other contemporary countries like Ireland or United Kingdomfollows Common Agricultural Policy (CAP) (queenslandcountrylife.com.au, 2017). The farmersthere receive agricultural subsidies and participate in programs for agricultural development. Incontrast, Australian farmers are independent of EU’s subsidy allowance. Australian government is reluctant to give price support to farmers. Australia stands assecond in the list of OECD countries in terms of giving lowest support in its agriculture. In otherOECD countries, CAP subsidy accounts a significant part of farmers’ income. This makes
HI5003 - Agricultural Reforms in Australia_3

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