Australian Economy Essay Example | Topics and Well Written Essays - 2000 words - 1

Australian Economy - Essay Example This  context  illustrates how successful the Australian Government and the Reserve Bank of Australia have been in running the Australian economy. It also describes and evaluates the  main  macroeconomic policies used by the Australian Government and the Reserve Bank of Australia (RBA). A). How Successful have the Australian Government and the Reserve Bank of Australia been in Running the Australian Economy over the last two years? In the last two years, Australia has had a  sound  economic  running. Australia’s  constructive  outlook  is maintained  by its strong financial position. A continued  phase  of Government  budget  spares has allowed the Australian Government, and  several  state levels Government to  retreat  vast quantities of Government arrears. Net Government arrears  were eradicated  in 2005-06 making Australia a net creditor. In May 2008, the Australian Government obligated to a  budget  spare  equal  to 1.8 pe r cent of GDP, some $21.7 billion. Australian’s self-regulating central bank, the Reserve Bank of Australia (RBA), is  accountable  for  financial  policy, in  fastidious  to  keep  user  price  increase  between two and three percent, on standard, over business phases (Foley, 2009: 1). Australia has advanced  fiscal  structure. Australia possesses a  sound  and  realistic  structure  of  economic  regulations and organizations that provides  assurance  for  commerce  and is  open  to savings without unnecessary delay. There is a  tough, transparent,  commercial  governance  scheme  together with business-oriented  commercial  regulation  and  bankruptcy  managements. Australia’s long and  wide  period  of  financial  development  has  broadened its infrastructure  competence  to the edge. Identifying the potential  competence  restraints consequential from this crisis, the Go vernment devoted in 2008 to making an  organization  named Infrastructure Australia, to  offer  a  fresh, national  method  to planning, supporting and implementing the future infrastructure needs of the nation. Safe,  steady  and  successful, Australia is a progressively more attractive  heart  for global and local  commercial  operations (Glynn, 2010: 1). The population of Australia is changing, not only the  expansion  and  general  size of the population, but  significantly  where people reside and the structure of the  population  in terms of skills, age and  literary  background. In order to  adjust  to change and  form  sustainable societies, people  are supposed  to incorporate environmental,  communal  and economic factors to  offer  present  and upcoming generations with the  chance  to  lead  strong  and  satisfying  lives. The manner in which  government  plans and programs  facilit ate  to  shape  and react to changes in the population will be a  vital  element in attaining a more sustainable Australia.  In the 2010 election, the Government of Australia reaffirmed its  obligation  to the growth of a Sustainable Population Strategy. This is important because the Australian Government was able to  manage  its economy with reference to the population of Australia. Good Australian’s Governance has helped in the development of economy in Australia in the last two years. Lives have significantly improved, as there is a