The paper "Decades of Economic Growth - What Are the Policy Issues" is a great example of a micro and macroeconomic essay. In the past few decades, successive Australian governments have conventionally aimed at realizing three main objectives in an economy: These are economic growth, internal balance, plus external balance. All the same, these objectives are intended to uphold nationwide economic growth at the same time as keeping up low inflation and restraining the number of overseas debts along with liabilities. An economy’ s stage of economic growth keeps changing as a matter to the ups and downs of international dealings (Banks, 2010).
To play down these fluctuations, the government influences demand to carry on sustained growth, with low inflation along with low joblessness, but, given that these macroeconomic policies affect the demand-side, they cannot be brought into play solely: they are employed alongside microeconomic reforms that influence the supply-side of the economy. The two major instruments used by the government are the fiscal policy and the monetary policy. Australian has embarked on yet another year of economic growth backed by the amazing performance that is unparalleled in Australia’ s economic past as well as in the midst of erstwhile developed economies in this era.
The future of Australia’ s economy will be closely correlated with the reforms over the coming years as regards expertise, the natural surroundings, demographic development, public customs as well as social affairs. Governments’ rejoinder to these factors will too with certainty manipulate the future of Australia (Stevens, 2013b). A number of these factors, as a matter of fact, are intrinsically uncertain. Even so, this paper appreciates the limits of uncertainty and what end results are more likely in view of drifts in major drivers of prospective alteration plus their connections. Decades of Economic Growth: What are the Policy Issues After the economic decline earlier on in the 1990s, Australia’ s economy started to emerge in late 1991.
To date, the Australian economy has been growing in all quarters apart from three. In several periods economic growth was sluggish except that no year ended with negative growth (Stevens, 2013a).
Banks, G. 2010. Successful Reform: Past Lessons, Future Challenges. Keynote address to the Annual Forecasting Conference of the Australian Business Economists, Sydney, 8 December 2010.
Battellino, R. 2010. Twenty Years of Economic Growth. Address to Moreton Bay Regional Council. Redcliffe, Queensland. Accessed 8 7 November 2013
OECD. 2010. Economic survey of Australia 2010. Accessed 7 November 2013
Parkinson, M. 2012a. Australia’s Place in the New Global Economy. Address to the CEDA State of the Nation 2012. Canberra. Accessed 6 November 2013
Parkinson, M. 2012b. Challenges and Opportunities for the Australian Economy. Speech to the John Curtin Institute of Public Policy, Breakfast Forum. Berth. Accessed 4 November 2013
Stevens, G. 2013a. Economic Conditions and Prospects. Address to the Economic Society of Australia (Queensland) 2013 Business Luncheon, Brisbane, July.
Stevens, G. 2013b. Economic Policy after the Booms. Address to Anika Foundation Luncheon. Sydney. Accessed 7 November 2013
The Economic Conversation. 2013. Policy Making: Policy Instruments. Accessed 4 November 2013
Treasury. Australia to 2050: Future challenges. Commonwealth of Australia: 22.