Throughout history, economic issues such as Unemployment, Inflation, Economic leg and External Stability have dominated g everywherenment policies. In no period has this been of greater concern than in the age of Globalisation, where strong economic performance, means greater influence all over world affairs. For example the United States of America, holds immense power, repayable to the coating of its economy (ranked first by GDP) (CIA World Fact Book). Australia on the other hand is heavily dependent on these larger economies, collectable to Australias relative geographical isolation and small town on exports of primary resources such as Minerals and Agricultural products. Australia however, continues to be amongst the most stable of the developed economies, cosmos one of whole a handful of sophisticated economies not to fall into a technical recession due to the Global Financial Crisis in 2007-08. Australias away stability has been the result of successful fisc al and fiscal policies, implemented by both the Australian government and The Reserve Bank of Australia. Australia, as an economy is stable however, the foreign accounts have always been an area of some concern, particularly the advanced Current Account Deficit (CAD). Australias CAD is short maintained at between 3-6% of Gross Domestic Product.
Australia however, systematically runs one of the highest Current Account Deficits in the OECD (Organisation for Economic Cooperation and Development), this chiefly be the result of having a large savings and enthronisation gap, rather than a high trade deficit a s previously believed. The CAD is however no! t seen as being a major issue by most economists, due to the Pitchford Thesis which argues that the Current Account problem is almost on the whole generated by the private sector, (95% of foreign debt in 2009-10) convey that if these investments were to be unsuccessful the Australian Government would not be held nonimmune to pay back this debt, as it was a encounter fabricated by foreign...If you want to get a total essay, rewrite it on our website: OrderCustomPaper.com
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