This website uses cookies to ensure you have the best experience. Learn more

Structural Change And Australian Economy Essay

752 words - 3 pages

Structural Change and Australian Economy

Structural change is the change in the pattern of production in an
economy as certain products, processes of production and industries
disappear and are replaced by others. The past century has seen the
relative decline of agricultural and manufacturing industries, and the
rise of services and new technology sectors. Structural change can be
caused by a wide range of economic influences including changes in the
pattern of consumer demand and technological change. The speed of
structural change depends on the ability of an economy or industry to
adjust quickly. People's natural resistance to change and government
regulation often impedes the process of structural adjustment.

Past Macroeconomic policies have been largely ineffective in bringing
about structural change. For example Australia's past trade deficits
can be blamed on structural problems that failed to react to
government macroeconomic policies. To solve economic problems such as
high inflation and high unemployment governments are shifting away
from macroeconomic policies to microeconomic policies.

Microeconomic policy or Microeconomic reform is action taken by the
government to improve resource allocation between industries in order
to maximise output and promote structural change. It is considered
that microeconomic reform will be effective in dealing with long term
problems such as international competitiveness, high foreign debt and
high structural unemployment. The shift towards microeconomic reform
includes a change of focus from influencing demand towards influencing
supply. This is called supply side economics which has a focus on
reducing business cost. The overall aim of microeconomic reform is to
improve efficiency of markets, productivity and competitiveness.

Deregulation of industries has been an important part of the
microeconomic reform policies for the Australian economy. For example
in the agricultural sector, marketing boards which were often the only
buyer and seller of farm output have been dismantled. In the wheat,
egg and dairy industries deregulation has allowed a market economy,

Find Another Essay On Structural Change and Australian Economy

How exchange rates are determined and their impact on the Australian economy

1383 words - 6 pages a seller of the Australian currency in order to stabilise the $A. This occurs when the Reserve Bank feels that a large short term change in the exchange rate will be harmful to the domestic economy, and may step in as to alter this change according to the supply and demand curve.If demand of the $AU is growing rapidly and the currency is rising rapidly, the RBA might decide to slow down this increase in the exchange rate by supplying (selling

Outline the effects of globalisation on the Australian economy in recent years. Focus on trade, investment, finance, technology, and labour

889 words - 4 pages better opportunities. This is commonly referred to as the 'brain drain' and is expected to increase as the global economy expands, and TNC's have more influence. These developments have been a major impact of globalization.In recent years, globalization has spread its influence across the globe. The pace of linking economies has accelerated and economies are more closely integrated in the twenty-first century. This is apparent in the change of the

Evaluate the social and economic change within Australian Society resulting from the impact of Calwell's Immigration Policy

2121 words - 8 pages and ACT increased by 12%. These increases helped further Australian society greatly, as the increased population was in need of these resources.Overall, the policy of immigration which Arthur Calwell implemented directly impacted upon 'The Long Boom' which Australia encountered in 1950's and 1960's and helped to change Australians economy from primary to secondary production. This prosperity which Australia experienced in this time helped to create

Analyse the role and implementation of monetary and fiscal policies as tools of macroeconomic management to manage the Australian economy through the current global economic crisis

1483 words - 6 pages rate between 2-3% per annum and by looking at the graph we can see that this policy has worked because since 1993 the inflation rate has not change rapidly and is averaging 2-3%.Therefore the goals or objectives of monetary policy are to contain inflation; maintain full employment and to keep long term growth in Australian economy to maximise living standards.Fiscal PolicyFiscal policy is a policy which uses the federal government budget to

Canada's Contribution to World War 2. What were the 3 most important things Canada contributed to the war? -Change of economy, women's effots and the BCATP (British Commonwealth Training Program)

595 words - 2 pages involvement in the form of the BCATP, Economic Change and Women's Rights.The British Commonwealth Air Training Plan (better known as the BCATP) was a training facility that qualified certain pilots and navigators to fly overseas in Europe. Bases were set up all over Canada since it was a safer place than anywhere else. Altogether, 132 000 people graduated as proficient BCATP pilots and navigators. Out of that amount, 55% were Canadian citizens. (# 167

Macroeconomic Country Study: Australia

1675 words - 7 pages Economic Background: In the past two decades, the Australian economy has been, and continues to be a very strong and steady economy because of steady GDP growth rates, with an average around 3.5% annually ( Australia has also benefitted from considerably low inflation and unemployment rates. Because of these macroeconomic values, Australia is ranked third in the ranking of regional economies ( The reasons for

Globalisation and the effects on australian society

1663 words - 7 pages reached all facets of Australian life; from dramatic structural change in bureaucracy, to an increase in American products to changes in the workforce. To say Australia has experienced economic prosperity would be an exaggeration, perhaps on paper the rise in living standards and decrease in unemployment may look promising, yet if one examines the logistics of these figures then the outlook is not so promising. 32% of the Australian population over 20

Organisation Analysis and Behaviour - Personal Action Learning Journal

1191 words - 5 pages protect them.2-Human resourcesThe Australia is country of immigrants and it is still accepting immigrants till today. The most reasons for Australia to accept and allowed migrants are that to contribute positively into Australia economy and assimilated themselves to Australia society to be a part of it.Peter Costello was expressing him self telling Australia people about his feelings.He has been defending Australian norms in order to exist and

Discuss the causes and economic effects of Australia's aging population in 2007 compared to the projected population in 2027

1144 words - 5 pages change in fertility may be due to available contraception and the rising costs to have children nowadays. Consequently, this will affect the demography of the Australian population by causing the population to age as the baby boomer cohort moves into retirement and fertility rates decrease.Another cause of Australia's aging population is improved life expectancies. Nowadays, males aged around 40 can expect to live to 77 years and females aged

Why Are Boat People Such An Important Aspect Of Australia's Migration Experience?

569 words - 2 pages Australia. The different backgrounds have made what Australia is today. Immigration has contributed to a rapid increase in population, to significant structural changes in the economy, to alterations in the use of urban and rural space, and to a shift from an almost monocultural society to a highly diverse one.During the times from 1970's to present there has been a complete change with political policies on migration. Up til the 1970's the policy


1060 words - 4 pages will be affected by the level of Australian interest rates relative to overseas interest rates as well as the level of confidence in the Australian economy. If Australia has relatively higher interest rates and stronger confidence, then this will encourage capital inflow and increase demand for the AUD. Using this theory, the Australian dollar at the present looks to be in a relatively strong position. Interest rates are beginning to rise (official

Similar Essays

A Comparision Between The Swiss And Australian Economy

1184 words - 5 pages . 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

Case Study Dales Pickles And Preserves: A Structural And Cultural Change, Focusing On Hrd Solutions

3326 words - 13 pages focusing on the interactions within the organisation to understand the rules that govern employee behaviour. Thus Dales is attempting to changing the rules that manage behaviour in order to change and transform the meaning of the organisation for the individual. (from bureaucratic to empowered, involved employee)Dales also experienced changes to process factors that occurred internally, i.e. improving production which led to structural changes of

Trends Of The Australian Labour Market Outcomes And There Effect On The Australian Economy. A Outline Of The Current Australian Industrial Relations Act. (Work Choices 2005)

1484 words - 6 pages economy more efficient and competitiveness. Employer associations also aim to protect Australian industries from going over seas as well as supporting locally produced goods and services.When an employer association or the unions have a dispute between an employer and employees, they usually take it to the industrial tribunals. The tribunals are like a court system that works separately from the government but the government still has the last

Outline And Discuss The Australian Economy And How It Attempts To Solve The Economic Problem

739 words - 3 pages Australia attempts to solve the economic problem by the implementation of its mixed economy. The Australian economic system resides between a planned and free market enterprise, leaning more towards a free market with some government intervention. With a definable economic state, it becomes possible to further outline the aspects of it and how it actually attempts to address the economic problem.The economic problem plagues all consumers. It can