Outline and discuss the Australian economy and how it attempts to solve the economic problem

Australia attempts to solve the economic problem by the implementation of its mixed economy. The Australian economic system resides between a planned and free market enterprise, leaning more towards a free market with some government intervention. With a definable economic state, it becomes possible to further outline the aspects of it and how it actually attempts to address the economic problem. The economic problem plagues all consumers. It can be defined as the allocation of …

…high level of product choice and availability whilst still maintaining a level of protection and intervention. This results in a higher standard of living, as evident is Australia's ranking in the Human Development Index (4th). The operation that Australia employs in order to solve the economic problem is characterized by a largely free market, open economy that is presided over by the Government with the aims to uphold equality and fairness for the Australian populace.