The paper "Macroeconomic Policy in Australia" is a perfect example of a micro and macroeconomic case study. The Australian economy has been known to be one of the thriving economies in the world. Over a long time, macroeconomic policy in Australia aimed at regulating inflation and reducing the chances of recession. This takes us to macroeconomics where we meet the topics in question. The topics include the growth of the economy, unemployment and inflation. However, most of the countries’ macroeconomic policies are aimed at addressing the economy as a whole. Unemployment and inflation attract debates in the public and civil society. This paper addresses two aspects of macroeconomics policies; unemployment and inflation in Australia in the last decade along with the challenges the policymakers in Australia are facing currently in trying to solve issues on the economics of the country.
The second part looks at the tools and objectives that are appropriate to the policy for Australia. Lastly, we will look at the macroeconomics theories in context Economic Issues and Challenges Facing Policy Makers in Australian Currently The Experiences of the Australian economy According to (Sinai, 2009), there are four major objectives of macroeconomics; full employment, the stability of commodity prices, external balance and economic growth.
During the last few years, Australia was not exceptional in the Global Financial Crisis. It got its share of slow economic growth, inflation and unemployment. Australian Unemployment Trend Unemployment is the opposite of employment; it simply refers to the s where individuals who are capable and willing to work at existing market rates but are not able to secure a job, (Otto, 2007) Australian Bureau of Statistics puts down that, an unemployed person is that one who has attained the age of 15 years and above and is ready to work but can’ t get a job and has not worked even for an hour in the last one week.
It goes ahead to say that, the unemployment rate is the number of unemployed persons divided by the total number of employed persons and the results multiplied by one hundred. In an attempt to explain unemployment, the Australian Bureau of Statistics came up with the following graphs. The first one shows trends in unemployment from 2000 through 2010.
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