The paper "Performance of Various Indicators of Business Cycle in the Energy Industry in Australia" is a perfect example of a micro and macroeconomic case study. This report will help us understand the performance of various indicators of the business cycle in the energy industry in Australia for the financial year ended 30 June 2010. The report will also state the current business cycle the Australian economy is at and where it is expected to be in one year. The international energy industry has discovered numerous options to meet the rising energy requirements in the industrialized nations where production demands are met with power supply from diverse energy resources globally (Donald, 2010).
The energy industry in Australia comprises such sectors as electricity, oil, natural gas, solar, coal, wind, biofuel, and geothermal power sectors. Australia exports around 76 percent of the energy it produces. Coal accounts for 52 percent of energy exports by energy substance and 59 percent by worth. Australia is a main user and exporter of coal, the burning of which generates carbon dioxide. Recently, fossil fuels offer 96 percent of consumed energy in Australia.
The growth of commercially viable low emission energy expertise is fundamental to achieving a considerable and reasonable decline in greenhouse gas emissions (Makower, et al, 2009). Clean energy technologies could also place Australia for sustained economic development from its natural endowments in gas, coal and renewable natural resources. The continent is speedily building international competence in energy effectiveness, renewable energy and low emissions expertise (International Energy Agency, 2007). Renewable energy is an important component of the Australian low emission energy blend and is significant to the country’ s energy security.
It plays an important responsibility in lessening Australians greenhouse emissions and assisting the country stay on track to meet its objective. The Australian government's support for renewable energy helps industry growth and development, lessens barriers to the state electricity market, and gives community way into renewable energy. Solar energy: Australia is a sunny place and 90 percent of the continent absorbs solar radiation of 1950 kilowatt hours per square meter annually (HM Treasury, 2006). The solar industry is internationalized, sophisticated and has developed strongly supported by the amalgamation of high skilled personnel, a viable electricity market, research and government support(Donald, 2010).
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