Australian Economic Policies

Australian Economic Policies Despite it’s relatively small population, Australia can be considered one of the important trading nations of the world. In 1991 alone the value of Australia’s exports of goods and services amounted to $51955 million from a total GDP of $377 114 million, which accounts to 14% of the total GDP. From our earliest days as a prison farm, when the number of convicts sent to Botany Bay was the key influence on our economic health, …

…As the 1996 OECD Economic Outlook document states, the most successful economies of the 90’s have been countries, which have reduced barriers to trade and reduced government regulation of their economies. In conclusion, it would be economic suicide for Australia to try to return to its turn-of-the-century ‘Fortress Australia’ approach. If we do not strive to achieve market of Free Trade, Australian economy will continue to come down with pneumonia every time a international economy sneezes.