Introduction
The principal objective of this report is to show a ten-year economic growth report of Australia. It will highlight key sectors of Australia’s economy that have experienced phenomenal growth over a ten-year period. The period under consideration is the years between 2002 and 2012. Additionally, it will present the present position of some of the chief indicators of the economy such as unemployment and production. The rise in the amount of products and services manufactured in a country is known as economic growth (Arestis, Baddeley & McCombie 2006, pp. 2). The measurement of the rise is over time. Additionally, the measurement is in terms of gross domestic product. The calculation is done with emphasis being placed in indicators such as inflation, incomes and housing among others.
Background
Australia has experienced growth over a long time. Social and economic policies were implemented to enable the country achieve balanced development. The policies were integrated so that support from the electoral system was guaranteed. This was to ensure that market based economics is achieved. Moreover, integration of social and economic policies aimed at ensuring that the society’s wellbeing improved. The population of the country is currently 22 million people (Australia Bureau of Statistics 2011, pp. 1). The economy has increased by 33 percent. Apart from this, about two million employment opportunities developed over the ten-year period. Furthermore, the unemployment levels in the country fell to 5.1 percent from a high of 6.1 percent.
Analysis/ Thesis Statement
The aim of this report is to show the status of the economy of Australia. It hopes to reveal the general performance of the economy. It will highlight the impact of growth on Australian community and the quality of life of the Australian people (Crone 2010, pp. 1). Focus will be on population, employment, gross domestic product and integrated social and economic policies.
Main Economic Indicators
The population of Australia has grown over time. The current total population of the country is 22 million people. It increased by over 3 million people over a period of ten years. The number of young people in the country constitutes the greater percentage of the population. The youth represents 71 percent of the population. The policy makers took advantage of this population. The combination of high population and productivity was to result in to economic growth. Thus, the country implemented policies that targeted improvement of firms and capacities of individuals. A population that is aging was found to be costly to the country. It had the potential of increasing costs to the active population. The economic costs of low education levels among the Australian youths were considered in the formulation of policies. About 8 percent of the youths in Australia are uneducated (OECD Directorate for Education 2010, pp. 1).
The number of jobs that developed in the country has also increased. This follows the expansion of the economy by approximately 33 percent. An additional two million employment opportunities developed within the ten-year period. This assisted the country to reduce the unemployment levels to 5.1 percent from a level of 6.1 percent. The policy makers realized that the combination of economic growth, work force and community participation would result in to prosperity of the community. The Stiglitz commission recognised the multi- dimensional nature of community welfare. The commission was on measurement of economic performance and social progress (Rojas 2011, pp. 169).
Over the ten-year period, the prices of houses rose. The rise has been higher than 10 percent annually. The rise has had significant influence in individuals’ lives. Housing is one of the concerns that many Australians worry about mostly. It was recognized to be one of the main issues that worry the youth most, together with employment, and education (S.S.C.H.A in A 2012, pp. 1).
Furthermore, over the ten-year period, the average wage of many Australians has increased significantly. The average yearly income has increased to $64,700 from $ 40,700. At the same time, the minimum wage of has grown to $570 per week, up from $ 400. This illustrates that the economy has expanded, and performance of various sectors of the economy has improved. Apart from this, the real gross domestic product (GDP) per person has improved to $54,975 from $47,750 (Lim, Chua, Claus & Nguyen 2012, pp. 1). However, managers and senior executives of companies share a larger percentage of this development in the Australian economy.
Generally, the service sector of the economy is the greatest contributor to the GDP (68%). Mining and agricultural sectors are the second and third largest contributor to Australian GDP (8%). The hospitality, banking, service, and industrial sectors are some of the highest performing in the country. Policy makers noted the role that business plays in promotion of a healthier society. It can do this by selective use of society’s resources, individuals and knowledge (Rogers 2005, pp. 109). However, it cannot substitute the government’s role.
Table: The Table Below Shows A Summary Of Some Of The Performance Indicators Of Australian Economy (Within 2012)
The table has included indicators such as the consumer price index and producer price index since they affect consumption and business. It has also included labour price index and the number of individuals employed and the number of available employment opportunities.
Conclusions
Australia is a state that has been able to grow economically than many countries worldwide. Improvement in living standards accompanied the growth of the country. This report aimed at revealing the developments that the country has experienced over a ten-year period. Policy makers in the country implemented social and economic policies that aimed at promoting balanced development. The population in the country rose over the period and this provided labour and market for goods and services. Additionally, two million employment opportunities developed, and incomes increased. The prices of houses increased, and this influences the lives of many Australians, especially the youths. Finally, the service, agricultural and mining sectors are the greatest contributors to GDP in the country. Industries such as banking and hospitality are also among the highest performing. The general consequence of the progress of the economy is rise in wellbeing of Australian people.
References
Arestis, P, Baddeley, M & McCombie, L, 2006, Economic growth: new directions in theory and policy, Edward Elgar, Northampton, MA.
Australia Bureau of Statistics 2011, Population of Australia, 2012. Web.
Crone, P 2010, Growth, Community and Quality of Life: Business Council of Australia, Web.
Lim, G, Chua, C, Claus, E & Nguyen, V 2012, ‘Review of the Australian Economy 2011-12: A Case of Déjà Vu’, Australian Economic Review, vol. 45, no. 1, pp. 1-13.
OECD Directorate for Education 2010, Education at a Glance 2010: OECD Indicators, Web.
Rogers, M 2005, ‘Social sustainability and the art of engagement–the small towns: big picture experience’, Local Environment, vol. 10, no. 2, pp. 109-124.
Rojas, M 2011, ‘The ‘Measurement of Economic Performance and Social Progress’ Report and Quality of Life: Moving Forward’, Social Indicators Research, vol. 102, no. 1, pp. 169-180.
S.S.C.H.A in A 2012, A Good House is Hard to Find: Housing Affordability in Australia, Web.