The paper “ The Primary Goals of Australian Macroeconomic and Monetary Policy” is an exciting variant of the assignment on macro & microeconomics. In the last 10-15 years, the economy of Australia has experienced nothing but being reformed positively which has contributed to the boosting of its economy and sufficiently upgraded the living standards in Australia. Many contracts have been signed between China and Australia to supplement energy and raw materials to the Australian economy which is among the fastest-growing economy in the world. Australia can boost as having among the best living standard in the world and among the G7.
Her living standards can only be surprised by those in America. The economic standard ranking is a direct result of devotion to the implementation of well-refined macro-economic practices and the use of prudence policy where the government targets the economic cycle to be superseded by fiscal balance (Meredith & Dyster 67-9). The following chart shows a trend of gross domestic product [GDP] of Australia at market prices provided by the International Monetary Fund [IMF] depicting figures in millions of Australian Dollars. Year Gross Domestic Product US Dollar Exchange Inflation Index (2000=100) 1980 140,987 0.87 Australian Dollars 36 1985 245,596 1.42 Australian Dollars 54 1990 407,307 1.27 Australian Dollars 80 1995 500,458 1.34 Australian Dollars 90 2000 669,779 1.71 Australian Dollars 100 2005 926,880 1.30 Australian Dollars 116 2007 1,044,162 1.26 Australian Dollars 122 Australia economy is largely made up of the service sector which claims a share of sixty-eight percent of Australia Gross Domestic Product.
The mining and agricultural sectors which account for ten percent of the Gross Domestic Product are credited for fifty-seven percent of Australia export. This fact of the dominance of the service can be illustrated in the table below. The table shows percentage share value-added, constant prices. 1974 1984 1994 2002 Agriculture 4.4 4.3 3.0 2.7 Manufacturing 18.1 15.2 13.3 11.8 Other industries 14.2 14.0 14.6 14.4 services 63.4 66.4 69.1 71.1 The following table shows Per capita GDP, the annual average rate of growth in percentage, constant prices. 1973-1984 1.2 1984-1994 1.7 1994-2004 2.5
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