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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,
...

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