Economics and business (Adjusted)
Introduction
the aim of this report is to show people how good Australia’s economy and why it is successful. The aim was to compare Australia’s rating to the world average to see how well the Australian economy works.
Australia’s Economy
Australia's mixed market economy is a successful market economy where the GDP is normally high and the rate of poverty is usually low. Australia is a first world country with a very successful economy. Australia’s free market economy is one of the first five developed countries of the world. With the main components being financing, manufacturing, services and trade. Some other major industries that help the Australian economy are ship building, agriculture, mining, aviation and telecommunication. Australia also relies on imports and exports.
Australia being rich in natural resources, is a major exporter of natural gas, wool, wheat, Iron, Gold, coal and a range of agricultural equipment. Australia imports crude petroleum, refined petroleum, gold, telecommunication equipment, parts and a range of smaller items.
Australia has both a head of state and a head of government. The head of state is Queen Elizabeth and The head of government is the Prime Minister Malcolm Turnbull. Queen Elizabeth’s job as head of state is only to appoint or dismiss The governor general upon advice from the federal parliament. Then Malcolm Turnbull’s job as head of state is to lead the parliamentary party or coalition of party’s. In Australia every Australian 18 and over has to vote as it is compulsory. Australia has a democracy meaning the people have freedom of election and being elected, freedom of assembly and political participations, freedom of speech, expression and religious belief, rule of law and then other basic rights.
Australia’s population in 2018 is currently just over 25 million people. People normally suspect that Australia would need a lot more people because of of the large land mass. But this is not true because Australia’s economy is extremely good compared to other first world country’s. 1An example of this is Russia’s economy is a mostly controlled economy and has a population of 144 million people and both have nearly the same size economy. That alone shows how good Australia’s economy really is.
Australia’s Economic Performance
Australia is believed to be one of the most developed countries in the world. It is also one of the most liveable countries in the world. In fact, we are the 2nd most liveable country in the with Norway taking the number one spot. This is for a range of reasons and one of these being that Australia has 3 cities in the top ten most liveable cities in the world. These being Adelaide, Melbourne and Perth. One major reason Australia is voted so high is because of our high standards of living.
1Australia also has an extremely strong justice system that works very well. We also have a large range of schools, universities and hospitals. 1Australia’s health care is extremely good and place 2nd in the world for it. 1Australia during 2015 and 2016 had the most millionaires and billionaires move to Australia. We had about 11,000 millionaires move to Australia which is an outstanding figure. Australia created a retirement system called a superannuation which is where the employer puts a small percentage of what they earn into a superfund which is what they use when they retire. This was extremely successful. Australia’s judicial system is given a rating of 93.4 which is extremely good. So Australia’s law system is one of the best in the world. Australia is also a the 5th freest country in the would which means its citizens have more rights then someone in a communist controlled country. The average is 46.9 so Australia’s results were pretty outstanding. That rating shows that most of the countries repressed when it comes to their judicial system.
Australia has a rating of 90% for financial freedom whilst the worlds average is 49%. This is because Australians have the right to purchase anything they like with the money they earn. In a communist country were all the wealth is shared around people aren’t so wealthy and the government provides the supplies they need. People of a capitalist country don’t need worry as much about when the government will give them more supplies because they in control of what they want to buy. The only two things that Australia does not do above average in is as government spending and taxes. This is because Australia has a very high tax rate and Australians every year pay a lot more then what others pay in other countries. Also government spending isn’t really needed for any big projects very often due to it being a 1st world country meaning it doesn’t require as much money for projects they are working on. They probably should be spending more money on the Australian farmers but that doesn’t seem to be happening. So the government needs to spend its money a little better then what it already is.
Conclusion
In conclusion the world in mostly unfree as the ranking shows (61.1%) Australia is one of the most liveable cities in the world and has a very strong economy. Australia is a very lucky country and is one of the smartest. Although there is no perfect economy in the world, Australia is close to it.
Australia’s Economic Performance
Australia is believed to be one of the most developed countries in the world. It is also one of the most liveable countries in the world. In fact, we are the 2nd most liveable country in the with Norway taking the number one spot. This is for a range of reasons and one of these being that Australia has 3 cities in the top ten most liveable cities in the world. These being Adelaide, Melbourne and Perth. One major reason Australia is voted so high is because of our high standards of living.
1Australia also has an extremely strong justice system that works very well. We also have a large range of schools, universities and hospitals. 1Australia’s health care is extremely good and place 2nd in the world for it. 1Australia during 2015 and 2016 had the most millionaires and billionaires move to Australia. We had about 11,000 millionaires move to Australia which is an outstanding figure. Australia created a retirement system called a superannuation which is where the employer puts a small percentage of what they earn into a superfund which is what they use when they retire. This was extremely successful. Australia’s judicial system is given a rating of 93.4 which is extremely good. So Australia’s law system is one of the best in the world. Australia is also a the 5th freest country in the would which means its citizens have more rights then someone in a communist controlled country. The average is 46.9 so Australia’s results were pretty outstanding. That rating shows that most of the countries repressed when it comes to their judicial system.
Australia has a rating of 90% for financial freedom whilst the worlds average is 49%. This is because Australians have the right to purchase anything they like with the money they earn. In a communist country were all the wealth is shared around people aren’t so wealthy and the government provides the supplies they need. People of a capitalist country don’t need worry as much about when the government will give them more supplies because they in control of what they want to buy. The only two things that Australia does not do above average in is as government spending and taxes. This is because Australia has a very high tax rate and Australians every year pay a lot more then what others pay in other countries. Also government spending isn’t really needed for any big projects very often due to it being a 1st world country meaning it doesn’t require as much money for projects they are working on. They probably should be spending more money on the Australian farmers but that doesn’t seem to be happening. So the government needs to spend its money a little better then what it already is.
Conclusion
In conclusion the world in mostly unfree as the ranking shows (61.1%) Australia is one of the most liveable cities in the world and has a very strong economy. Australia is a very lucky country and is one of the smartest. Although there is no perfect economy in the world, Australia is close to it.