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HI5003 | Economics for Business - Reforms in Australian Meat Industry

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University of Newcastle

   

Economics and Business Management (LN12)

   

Added on  2020-03-04

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LN12, we will discuss Reforms in the Australian Meat Industry. Australia is one of the world's leading producers of beef. The assignment includes a graph that depicts the rise in beef exports from 2007 to 2016, as well as a list of the top ten global beef exporters.

HI5003 | Economics for Business - Reforms in Australian Meat Industry

   

University of Newcastle

   

Economics and Business Management (LN12)

   Added on 2020-03-04

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ECONOMICS FOR BUSINESS 1Reforms in Australian Meat IndustryStudent’s nameCourse IDUniversityDate
HI5003 | Economics for Business - Reforms in Australian Meat Industry_1
ECONOMICS FOR BUSINESS 2Australia’s beef and meat industry can be identified as one of the leading producers of beef in the world. According to the reports published, in 2015-16, Australia was the largest beef exporting nation of the world (Ams.usda.gov, 2017). In this particular study, the economic reform in the Australian meat industry has been elaborated supportive for the growth of the sector in the long-term. In order to identify the current status of the beef industry in Australia, a recent article written by Locke (2017) has been taken into account describing the key uncertainties to be faced by the beef industry of Australia in 2017.Locke (2017) stated that latest global uncertainties such as the event of Brexit and new policies of US President Donald Trump have created significant challenges for Australian meat industry. The US President has vowed to partner Mexico with tariffs to develop larger beef production in the United States. As a result of the scenario, the export of beef from Australia can experience substantial headwinds. On the other hand, China’s surging demand for the live cattle has been a positive sign for Australia’s meat industry. Meanwhile, the shipment of 1,200 Angus cattle has verified that the demand for high-quality Australian beef has been kept intact in China.In the current scenario, the Australian meat and beef industry is going through an unprecedented era of indecision driven by new US policies and Britain exiting from the European Union. Presently, the new US President has tried to negotiate with the Chinese government so the US beef can be reopened for the Chinese market since the incident of mad cow disease. According to Locke (2017), one of the first steps taken by Donald Trump after getting elected as the US President was to withdrawn the name of his country from the Trans-Pacific Partnership (TPP). After the exit of the United States from the TTP, it becomes an independent beef producer. However, the Australian Government decided to remain with the TTP and said that it will progress with other partners. Hence, the outcome of the economic
HI5003 | Economics for Business - Reforms in Australian Meat Industry_2
ECONOMICS FOR BUSINESS 3reform led to a downfall in the Australia’s largest beef market by volume, i.e. the United States by around 42 percent in the year 2016. Furthermore, recent growth in the market competitors hasalso affected the meat and beef sellers engaging in the business since decades (Gillard and Monypenny, 2016). It can be seen that the increase in the level of competition in the global market has directly impacted the Australian Beef exports in the year 2016. A significant fall in the Australian beef export can be evident that impacts the GDP contribution of the livestock industry. A figure has been presented herein below for better understanding:Figure: Australian Beef ExportsSource:(Abs.gov.au, 2017)
HI5003 | Economics for Business - Reforms in Australian Meat Industry_3

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