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Prepare a report on the current state of the Australian economy and compare its performance with state of the economy in August 2016.
Australia is a progressive country. Despite being an island nation, it is connected to the world through several trade policies and is amongst the wealthiest nation in the world. Through the present report, an assessment of the economic performance of the country in terms of four economic indicators: GDP, inflation rate, unemployment rate, and trade from August 2016-September 2017 is completed. Despite having constant growth in the agriculture, retail, and construction sector, the economy is dependent vastly on foreign trade and investment. In addition, the fallout of the mining sector and the resource industry has created pressure on the economy. Despite, this the commodity market has shown an upsurge in the country, where an improvement of 11.9 percent has been noted collectively. The inflation rate is another parameter assessed in the present study, along with the unemployment rate, which continues to be a problem for the country. The trade, on the other hand, offers improvement in the GDP of the country. The study finds challenges in the Australian economy in the name of the increased unemployment rate, high government debt and increased challenges owing to the increased dependence on the global economies. The study notes a need to review the monetary policies to become more self-dependent and measures to improve the unemployment rate of the country. The report notes that there is a need to sustain the economy despite the inability to maintain the inflation rate; for this, government intervention is recommended.
Australia is a progressive economy that functions as a mixed market. Presently the nation stands at a GDP of AUD$1.69 trillion (Australian Bureau of Statistics 2017). Dominated primarily by the service sector, the country is recognized for its longest continuous GDP growth (Bagshaw & Massola 2017). Australia is a strong export partner and has entered trade relations with several progressed and progressive nations such as Canada, China, New Zealand, Thailand, Japan, and the United States, amongst others (Australian government 2016). As opposed to other Southeast Asian countries, the country has been economically independent and is not much impacted by the global economic crisis (Jorg 2016). Through the present review, an analysis of the current economic performance of the country is conducted. The study reflects upon four economic indicators: GDP, inflation rate, unemployment rate, and trade to assess the economic condition of the country and compare changes in the economy from August 2016-September 2017.
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