Unemployment in Australia - Doc

GDP- Compare Australia with any other economy
and discuss their GDP last 2 to 5 years and factors
affecting their GDP
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Table of Contents
INTRODUCTION ...............................................................................................................................3
BODY...................................................................................................................................................3
Comparison of GDP of Australia and UK.......................................................................................3
Unemployment in Australia.............................................................................................................5
Inflation Rates..................................................................................................................................8
Discuss Australia’s Monetary or Fiscal policy during last 3 to 5 years. .......................................11
Economic Growth..........................................................................................................................14
CONCLUSION .................................................................................................................................15
REFERENCES...................................................................................................................................16
Illustration Index
Illustration 1: Australia GDP growth rate for 5 years...........................................................................4
Illustration 2: UK GDP growth rate for 5 years...................................................................................4
Illustration 3: Australia Unemployment rate for 5 years......................................................................6
Illustration 4: Unemployment in Australia ..........................................................................................7
Illustration 5: Major states and territories of Australia.........................................................................8
Illustration 6: Australian Inflation Rates............................................................................................10
Illustration 7: UK Inflation Rates.......................................................................................................10
Illustration 8: Australia monetary chart..............................................................................................13
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INTRODUCTION
Australia is a developed country comprising of mainland of Australian island and adjoining
islands. Australia has 13th largest mixed economy in the world with a political structure of federal
parliamentary constitutional monarchy with high GDP and low poverty. The country stands on very
good rank on the basis of quality of education, health, equal rights, life, civil liberties, political
rights and economic freedom. It maintains good human development index on the global platform .
Australian is blessed with wide variety of bio diversity which attracts lots of environment lovers
from all over the world. However environment protection is major challenge faced by the
politicians of Australia. It has six states and two territories with capital city as Canberra and largest
urbanised city is Sydney. Further it is wealthy country blessed with mineral ores with extensive
reserves for iron ores, coal, gold, uranium and substantial energy renewable resources. Major
income generating areas are mining, manufacturing, banking and telecommunications. Australia has
survived the tough times and has experienced continuous growth since then , it has very low public
debt, low unemployment and reasonable inflation rate with a sound financial system across the
nation. It is liberal country inviting foreign direct investments and less barriers on trade of goods
and services. Further this report compares Australia and UK on the basis of GDP , Inflation and
Economic growth. Moreover Australia is studied under economic microscope considering
employment rates, monetary and fiscal policy and various demographic parameters. Economy of
Australia is compared with UK on the basis of GDP growth rate and inflation rate. Economics is a
function of various demographic, geographical and political factors affected by interest and
inflation rates. Further overall growth of economy is discussed with several factors and their overall
negative and positive implications on the society.
BODY
Comparison of GDP of Australia and UK
Economic health of a country is primarily measured in the terms of its GDP growth. GDP is
gross domestic products which represents value of all the goods produced and services rendered
over a period. GDP is influences by several factors, however splitting them into major categories as
Demand Side Factors and Supply side Factors. Demand side factors is composed mainly of
consumer spending patters and supply side of productive capacity (Lo, 2013).
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Australian economy has witnessed 24 years of consistent growth and now an
unexpected fall in GDP growth in the third quarter of 2016. It was the first downfall since quarter
ending March, 2011. It has maintained Average growth rate of 0.85% since 1959 to 2016. Shrink of
0.5% in third quarter was due to contraction of net trades and investments in the Australian
economy. Volatility in prices of global commodities have affected Australian trade strongly thereby
causing the downward movement in GDP(Kubiszewski and et.al., 2013).
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Illustration 2: UK GDP growth rate for 5 years
(Source: UK GDP Growth Rate,2016.)
Illustration 1: Australia GDP growth rate for 5 years
(Source: Australia GDP Growth Rate,2016.)