Economics - Australian Economy

Running head: ECONOMICS ASSIGNMENT
Economics Assignment
Name of the Student
Name of the University
Author Note

ECONOMICS ASSIGNMENT1
Table of Contents
Introduction................................................................................................................................2
Australia: Economic Overview..................................................................................................3
Australian Economy in last five years.......................................................................................3
GDP and its growth trends in the last five years....................................................................4
Economic growth of Australia in the last five years..............................................................6
Inflation in Australia in the last five years.........................................................................7
Unemployment in Australia in the last five years..............................................................8
Consumption expenditure in Australia in the last five years.............................................9
Growth of trade in Australia in the last five years...........................................................10
Policy Structure........................................................................................................................11
Growth of industries in the last five years...............................................................................12
Reasons behind growth of service sector industries in Australia.........................................13
Conclusion................................................................................................................................14
References................................................................................................................................15

ECONOMICS ASSIGNMENT2
Introduction
Australia has over the decades, developed significantly in all the sectors, thereby
emerging as not only one of the most developed countries across the globe but also one of the
most influencing economies in the global framework. The economy of the concerned country
has gradually developed and prospered significantly with time, much of which can be
attributed to both the developments intrinsic to the country like that of industrial development
and trade liberalization and expansion as well as the exogenous factors like that of
Globalization, international trade openness, technological and infrastructural developments
and so on (McLean 2012).
Much of the prosperity of the economy of Australia can be attributed to industrial and
commercial development of the country which took place impressively and significantly over
the decades. Australia over the emerged not only as one of the manufacturing giants in the
international framework but also as one of the leading countries in terms of mining,
residential and construction sectors (Banerjee 2012). This economic prosperity of the country
has also over the years attracted huge number of people from all parts of the globe, who have
migrated to the country from all parts of the world, mainly in search of better jobs, higher
income prospects and an overall higher standard of living. Apart from prosperity and an
overall higher economic health of the country, which can be seen from the performance of
most of the economic indicators of the same, the economy of Australia is well known for its
inherent stability mechanisms (Gould 2013).
However, the economic patterns of the country have not always been smooth and the
country experiences a fair share of economic fluctuations, especially in the last few years, the
same having both positive as well as negative impacts on the country and on its population as
a whole. Keeping this into account, the concerned report tries to analyse and discuss the

ECONOMICS ASSIGNMENT3
dynamics and growth of the GDP of the country as well as dynamics in the overall economic
growth patterns of the concerned country over the last few years, thereby discussing the
economic policies present in this aspect and their implications. The report also tries to discuss
the dynamics and shifts in the industrial sectors of the country during this concerned period.
Australia: Economic Overview
Before analysing the overall economic growth trends of the country, it is of
considerable significance to study the overall economic profile of Australia which the country
has maintained over the years. Being one of the most developed and influencing economies
in the global scenario, as discussed above, the country ranks fourth globally in terms of
Nominal GDP and also ranks second in terms of wealth per adult person in the population.
The country has over the years, experienced massive booms in its mining, residential,
technological and manufacturing sectors, which in turn has contributed to its economic
prosperity and a higher than average living standard for most of the residents of Australia
(Groenewegen and McFarlane 2014). Behind the economic and overall progress and stability
of the country lies the impressive policy frameworks and efficient government structure of
the country. Keeping this into consideration, the economy of Australia, in the last five years,
is studied in the following sections.
Australian Economy in last five years
The otherwise stable economy of Australia has however been subjected to
considerable fluctuations and dynamics over the last five years, the reasons including both
endogenous as well as exogenous factors. These fluctuations and growth trends can be seen
from the traits of growth of the different macroeconomic factors, the primary one of which is
the Gross Domestic Product of the country within the specified time period.