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CURRENT AFFAIRS: Current Status

   

Added on  2021-06-17

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Running head: CURRENT AFFAIRS Current AffairsName of the StudentName of the UniversityAuthor Note

CURRENT AFFAIRS 1Table of ContentsIntroduction................................................................................................................................2Article Summary........................................................................................................................3Discussion..................................................................................................................................5Issues cropping up in Australia..............................................................................................5Stakeholders Effected.............................................................................................................7Economic Interpretation of the problem....................................................................................8Recommendation and Conclusion............................................................................................10References................................................................................................................................11

CURRENT AFFAIRS 2Introduction In the contemporary period, the global economy and overall dynamics have facedconsiderable dynamics, thereby leading to considerable dynamics and activities in almost allthe major countries across the world, of which Australia a primary one. Australia, hasremained as one of the primarily developed and influential economies in the global scenario,showing immense development over the decades and impressive performance in almost allthe economic and social indicators of the country (Bishop et al., 2013). The country hasexperienced huge booms in its economy owing to robust industrial and mining development,with considerably increase in its economic prospects over the years. The increased economic prospects have led to an increase in the population growth ofthe country, much of which can be attributed to the huge inflow of people from all parts ofthe world, in search of jobs, economic prospects and an overall better life with high standardsof living and secured environment (MacKillop, 2013). The inflow of immigrants has beenspecifically high in the urban and economically developed zones of the country, includingMelbourne, Sydney and Victoria, which in turn has resulted in an increase in demand for thehousing facilities in these regions. The demand for housing facilities being higher than thesupply has led to an affordability crisis in the country in the contemporary period. In this context, the assignment tries to discuss the recent phenomenon of strikingincrease in the prices of residential lands in the country, referring to the news article, “Thecost of residential land in Australia is going through the roof”, published on February 14th,2018 (Scutt, 2018). The report takes help of the different conceptual tools of microeconomicsto analyse the concerned issue of concern in the geographical domain of the country.

CURRENT AFFAIRS 3Article Summary The concerned article highlights one of the issues of immense concern in Australia inthe contemporary period, which is highly related to the housing affordability crisis of thecountry, the issue being that of the consistently soaring prices of the vacant residential landsin the country. The article asserts, in this aspect that the median price of the vacant residentialplots has gone up 10.9% higher than their rates in the previous year (Nicholls, 2014). Thehike in the median prices of the same has been much higher in the capital city areas has beenmuch higher than that of the other areas in the country. Figure 1: Increase in the median value of the residential lands in Australia over theyears(Source: Scutt, 2018)As is evident from the above figure, the median residential prices have gone upsteadily over the years. As per the arguments put forward by the concerned article, thisincrease in the prices of residential lands in the country has been one of the primary factorswhich has kept the supply of housing properties in the country lower compared to the demand

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