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Economic Reform/Policy Mix, Covers Macro And Micro Economic Reforms In Australia

2659 words - 11 pages

QUESTİON 1the role of the government in a market economy,calls upon the government to perform five functions. These functions are:1. Providing the economy with a legal structure: This is the first and most important function a government should provide and without it an economy may collapse. This function requires the government to ensure property rights, provide enforcement of contract. In order to perform this function, the government should furnish the economy with regulations, legislations, and means that ensure product quality.2. Maintaining competition: Since competition is the optimal and efficient market mechanism that encourages producers and resource suppliers to respond to ...view middle of the document...

The fiscal policies mean the use of taxes and spending.Question 2The economy of Australia is one of the largest capitalist economies in the world with a GDP of US$1 trillion as of 2013. Australia's total wealth is 6.4 trillion dollars. In 2012, it was the 12th largest national economy by nominal GDP and the 17th-largest measured by PPP-adjusted GDP, about 1.7% of the world economy. Australia is the 19th-largest importer and 19th-largest exporter. The Reserve Bank of Australia publishes forecasts of the economy quarterly.The Australian economy is dominated by its service sector, comprising 68% of GDP. The mining sector represents 10% of GDP; the "mining-related economy" represents 9% of GDP - the total mining sector is 19% of GDP. Economic growth is largely dependent on the mining sector and agricultural sector with the products to be exported mainly to the East Asian market.The Australian Securities Exchange in Sydney is the largest stock exchange in Australia and in the South Pacific and ranks 9th in the world in terms of market capitalisation. Australia is home to some of the largest companies in the world, including but not limited to, BHP Billiton, National Australia Bank, Commonwealth Bank, Rio Tinto Group, ANZ, Westpac, Telstra, Macquarie Bank, Woolworths and AMP which also are the 10 largest companies in Australia. The Australian Financial Review is associated with economic-liberalism of the economy of Australia. The Australian dollar is the currency of the Commonwealth of Australia and its territories, including Christmas Island, Islands, and Norfolk Island. It is also the official currency of the independent Pacific Island nations of Kiribati, Nauru and Tuvalu.Australia is a member of the APEC, G20, OECD and WTO. The country has also entered into free trade agreements with ASEAN, Chile, New Zealand, Japan and the United States.The ANZCERTA agreement with New Zealand has greatly increased integration with the New Zealand economy and in 2011 there was a plan to form an Australasian Single Economic Market by 2015.QUESTİON 3The size and the revenueSince the 2012‑13 Budget, tax receipts have been revised down by around $17 billion in 2012‑13. This brings the total write‑down in tax receipts over the five years since the 2008‑09 Budget to around $170 billion. Since the 2012‑13 MYEFO, tax receipts have been revised down by around $60 billion over the four years to 2015‑16.Tax receipts have been significantly affected by weaker than expected nominal GDP growth. Weaker commodity prices and the persistently high Australian dollar, which has put pressure on domestic prices,have hit company profits across most of the economy, including the resources sector. This has had a significant impact on the level of company tax receipts expected in 2012‑13 and over the forward estimates.Lower than expected capital gains tax and resource rent taxes have compounded the fall in company tax receipts. Income tax...

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