A Comparision Between The Swiss And Australian Economy

1184 words - 5 pages

When we look at the Swiss economy we can see immediately that it is almost opposite of our own economy. It has a high franc, which has no real threat to their exports due to the specializations of their industries (e.g. Pharmaceuticals and watches) which are in high demand and whose prices don't decrease dramatically. Their high franc is also useful to all industries due to the fact that Switzerland itself doesn't have many types of resources, so their high franc can buy more resources which are mostly used to create products for export. Their interest rate is also extremely low, as is unemployment. Switzerland can attract people to put money into their banks and institutions due to their stability and safety. The Swiss economy is also very stable - their boom and bust cycle is kept so that it is stable unlike Australia which has tended to get to very big booms and also very big busts. The Australian economy has to regulate its dollar to help exports of its resources; the prices of which fluctuate constantly. Australia has to increase interest rates to attract people to invest and place money in Australia; it also increases interest rates to keep inflation in check. From this simple comparison we can already see that the Swiss and Australian Economy is very different and that their responses to different issues would naturally be different.Switzerland has had the least inflation of any country in the past century. At any point in time, Switzerland's inflationary history was similar to that of the rest of the world, but its actual inflation rates were lower. Its inflation rate is currently still very low around 1.3%. Australia is currently staying at 2-3%.Switzerland has followed an explicit policy of minimizing inflation. The Swiss National Bank is independent of government influence and decides interest rates; this is also true in Australia where the reserve bank is independent. Both Switzerland and Australia have adopted a monetary policy in terms of economic policies. High purchasing power of their wages has helped to keep inflation lower, since employers don't have to increase the wages of their employees which inturn means that they don't have to increase their prices of their products to cope with the extra wages. Inflation has been kept in target levels in Australia since around 2001, although a falling Australian dollar, rising fuel costs and increased wage demand pressures had an impact on inflation in Australia, the impact of the newly introduced GST also contributed a small factor in inflation, but despite these factors, slowed world economic growth rates, a stronger dollar low interest rates and low inflationary expectations helped keep inflation at low levels. But this year due to the threat of a future rise in inflation the reserve bank is deciding to increase the interest rates in Australia by a maximum of a ¼ of one percent. The inflation in Australia has long been a shortage in skilled workers in many sectors, which...

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