An Analysis of the Growth of the Australian Economy
One of the most vibrant economies in the world, Australia emerged to be one of the most powerful economies in the world after decades of lagging behind (“Australia: A Competitive Economy”, 2007).
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Get Help Now!The country’s outstanding performing open economy is rooted primarily from an efficient handling of resources as well as the continuing reforms on the economy (“Australia: A Competitive Economy”, 2007). This is coupled by the growing competency of the Australian labor force which is likewise one of the most dynamic mixtures of cultures and diversity in the world supported by a flexible private sector.
The Australian economy in the fiscal year 2004 alone posted a budget surplus of $8 billion, equivalent to a fraction of the Australian gross domestic product.
Likewise, the Australian Government recorded a decline in net debts by $6.2 billion in the same fiscal year to $23.4 billion, the highest in 26 years (“Key National Indicators, 2007”, 2007).
Aggregate Supply and Demand on the Australian Context
The Keynesian AD-AS structure separates the Australian economy into two divisions: the ‘demand side’ and the ‘supply side’ which thereby analyzes such relations using Australian equilibrium conditions, accounting identities, and behavioral and other relevant institutional equations (Dutt, 2005).
The ‘demand side’ of the Australian economy classically analyzes significant aspects that are associated to the demand for consumer goods as well as the demand and supply of assets (Dutt, 2005).
On the other hand, the ‘supply side’ typically analyzes the significance of the factors that are interrelated to the Australian output in recent years especially in the 1990s (“Economic Factors Affecting Exchange Rates”, 2007).
This can also be said of the Australian Government’s decisional policies for producers as well as the Australian factor markets (Mitchell, 2001).
The Keynesian macroeconomic framework guarantees that neither the Australian demand nor supply side factors are disregarded in the study. Also, Australian macroeconomic results depend heavily upon the relationship between various international markets (Dutt, 2005).
The specific separation of definition into ‘aggregate demand’ and ‘aggregate su………………………
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