The paper "To What Extent Does Business Dominate Industry Policy in Australia" is a perfect example of a business case study. The Australian economy is considered as a mixed economy in which the private and public sectors working together for achieving economic goals and making public policies. The true balance of a mixed economy can be created if both the private and public sectors contribute equally. In the case of Australia, some businesses and powerful industries have more influence on public policies than others. This essay will not only describe the extent to which business dominates the industry policy but also explain how they manage to control on industry policy.
This will also represent the critical analysis of industry policies and their impacts. Moreover, this paper will also describe how the Australian government takes this influence and how to incorporate that into industry policy. Australia has one of the successful economies in the world. It has been ranked at 12th position by CIA Factbook. The services sector contributes 68% of GDP that is the biggest industry in Australia, it includes banking and financing, tourist, media, retail, wholesalers, entertainment, health and education services provided by the government and all other personal and private business services.
The biggest industries of Australia are mining, banking, manufacturing and agriculture Likewise, agriculture represents 2.3% and mining is the second largest industry after the services sector that contributes 19% in GDP (IBP, 2015). The Australian government has always been a supporter of industry whether they are privately or publically owned and that is the important reason for Australia’ s progressive economy. The Australian government has always designed business-friendly policies. They have always considered the interest of prominent industries before design industry policy to promote the growth and development of the country’ s economy.
Undoubtedly, the concept of industrial policy always been controversial for all countries even for Australia as well.
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