Known as the sixth largest country in the world, Australia has a wonderful landscape with magnificent beaches, crystal blue waters immaculate rainforests. The country is located at the southern hemisphere of the world with an estimated population of 21 766 711 million; however it still has the lowest density per square kilometer (CIA World Fact Book, 2011). Even though it is very well known for its abundance in natural resources such as coal, iron ore, copper, gold, tourism seems to be the biggest and most rapidly growing industry. The economy is dominated by its services sector (65% of GDP), yet it is the agricultural and mining sectors (7% of GDP combined) that account for the bulk (58%) of Australia's goods and services exports (Active Migration.com, n.d.). The Australian government is trying to boost for a higher export in manufactured goods however, the current competition in the global market does not allow it to do so. Australia definitely has a comparative advantage when it comes to primary products, a reflection on its abundant natural resources that it possesses. Due to transformation, this nation has become one of the most internationally competitive nations with an advanced market in economy. It is also a member of the OECD, Organization for Economic Co-Operation and Development which named Australia as a country that has the fastest growing economies in the 1990s, a result of economic reforms that were adapted in the 1980s(CIA World Fact Book, 2011). It is in no doubt that for a country to come up like Australia, the government must play a crucial role. There are nine important roles that each and every government must perform, namely; establishing and enforcing the rules of the game, promoting competition, regulating natural monopolies providing public goods, dealing with externalities, distributing income equally, promoting full employment, maintaining price stability and promoting economic growth. This paper will further analyze how specifically the Australian government has played their roles into shaping Australia to a successful country.
Roles of the Government
Establishing and Enforcing the Rules of The Game
Regardless of whether they are Australians or Non-Australians, everyone is treated equally by the Australian government. This is to make sure that people will not act as they wish or treated unjustly in the country. According to the Australian Department of Foreign Affairs and Trade (2008), the principles of fundamental to Australia’s legal system are procedural fairness, judicial precedent and the separation of powers. There are actually nine legal systems in Australia, with is eight states that territory system and one federal system.
In protecting the consumers of Australia the government has established certain laws to protect consumers in Australia in order to maintain the healthy economy in its country. To protect the consumers, Australia had established Australian Consumer Law (ACL) to protect...