Due to increase in inflationary pressures, Australia economic policy needs to be strong. Some reform-oriented Australia economic policies have been launched in order to strengthen economy of that country. Australia economic policy is a major determinant of growth of economy of Australia. Economic picture of Australia is quite favorable and has expanded fairly over sixteen consecutive years.
Economic policy in Australia includes improvement and development of education system, increase in labour supply, reorganization industrial relations and product markets and putting stress on infrastructure and water management. Labor supply is an important area in context of economic policy at Australia. Many a economic policy of Australia have faced problems because of shortages of skillful laborers and shortage of adequate manpower. It has also been seen that there is an increase in ageing population. Incentives for work should be enhanced as has been discussed at various levels that are responsible for formulating Australia economic policy. For hike in supply, there should be proper incentives for group workers like women with families and single parents. Australia economic policies also include provision of benefits to disabled workers, who are more than 55 years old. For labor supply, immigration is a chief contributor. Reduction of skill shortages needs to be looked after carefully. There have been product and labour market reforms that are continuing from 1990’s. This has led to growth in employment, productivity and growth performance. Reduction in geographical segmentation of markets should be introduced as it slows down greatly efficiency of labor. Water management issues have remained one of major priorities in discussions of Australia economic policy. Over use and misuse of water both in urban and rural areas has led to detrimental environmental consequences. Water security measure is major concern for Australia economic policy. Reforms have been aimed for reduction in over–exploitation and wastage of water and natural resources. Australia economic policy shows that there will be slow down of job growth and growth rate of GDP will be below par. Budget of Australia will remain in surplus though. Fall in economic activity is less prominent in Economic Co-operation and Development (OECD) economies. Fiscal and monetary policies were restrictive in first half in Australia. It has been found that there is no debt of government, thereby giving large opportunities for fiscal stimulus over there.
Economic policy in Australia includes improvement and development of education system, increase in labour supply, reorganization industrial relations and product markets and putting stress on infrastructure and water management. Labor supply is an important area in context of economic policy at Australia. Many a economic policy of Australia have faced problems because of shortages of skillful laborers and shortage of adequate manpower. It has also been seen that there is an increase in ageing population. Incentives for work should be enhanced as has been discussed at various levels that are responsible for formulating Australia economic policy. For hike in supply, there should be proper incentives for group workers like women with families and single parents. Australia economic policies also include provision of benefits to disabled workers, who are more than 55 years old. For labor supply, immigration is a chief contributor. Reduction of skill shortages needs to be looked after carefully. There have been product and labour market reforms that are continuing from 1990’s. This has led to growth in employment, productivity and growth performance. Reduction in geographical segmentation of markets should be introduced as it slows down greatly efficiency of labor. Water management issues have remained one of major priorities in discussions of Australia economic policy. Over use and misuse of water both in urban and rural areas has led to detrimental environmental consequences. Water security measure is major concern for Australia economic policy. Reforms have been aimed for reduction in over–exploitation and wastage of water and natural resources. Australia economic policy shows that there will be slow down of job growth and growth rate of GDP will be below par. Budget of Australia will remain in surplus though. Fall in economic activity is less prominent in Economic Co-operation and Development (OECD) economies. Fiscal and monetary policies were restrictive in first half in Australia. It has been found that there is no debt of government, thereby giving large opportunities for fiscal stimulus over there.
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