Australian Agricultural Sector: Record Tumbling Growth and Economic Interpretation

Running head: ECONOMICS FOR BUSINESS
Economics for business
Name of the Student:
Name of the University:
Author note

1ECONOMICS FOR BUSINESS
Table of Contents
Introduction:...............................................................................................................................2
Review of the article:.................................................................................................................2
The economic interpretation of the selected article:..................................................................3
Recommendation to gauge the situation:...................................................................................4
Conclusion:................................................................................................................................4
References:.................................................................................................................................6

2ECONOMICS FOR BUSINESS
Introduction:
Australia is one of the developing nation that has been going through its 27th
consecutive growth year (Inklaar & Rao, 2017). Though the economy is largely dependable
upon the service, construction and the mining industry; however, agriculture provides
substantial amount of share to country’s Gross Domestic Product (GDP) (Sheng et al., 2015).
This report is meant to analyse the present record tumbling growth of the Australian
agricultural sector utilising a selected newspaper report through the help of the economic
theory like supply and demand. Through this analysis, this report will highlight the details
mentioned in the selected article, points the stakeholders’ issue and next to this before
concluding the report with summarised overview of the same, it will provide
recommendations for the Australian agricultural sector.
Review of the article:
Chosen article was published in the Sydney Morning Herald with the headline “World
goes nuts for Australian agriculture as records tumble” that depicts the epic growth of the
Australian agricultural output during the last year (Gray, 2017). According the same source,
Australian agricultural sector has been forecasted to grow at 8.3% rate and the total value of
the industry is expected to be as high as 68.3 billion $. The report also showcase that though
the country produce variety agricultural products, however during the last year different type
of nut production has been highest during the recent decades that has made the economy the
second largest nut exporter in the world. Nut export value will be 760 million $ business in
the recent years and the economy is expected to gain it from too (Hyde, 2015). According to
statistics, the agricultural production rise will produce additional 325,300 jobs and it the share
to the country’s GDP of the agriculture will be as high as 12% compared to the present
situation (Worsley, Wang & Ridley, 2015). The report expect that that the net farm export in
the coming years will be as high as 47.7 billion $, which will provide the economy much