Macroeconomic Policy in Australia

Paper Summary:

This essay analyzes the economic reforms carried out during the 1980's and 1990's in Australia. The essay looks at the reasons for the changes as well as the impacts of such reforms. Finally, the essay questions whether such reforms worked to benefit the Australian economy and people. During the 1980's and 1990's, the institutions of economic governance changed in response to poor economic performance, globalization, and technological developments. The major change was a shift from Keynesian economic policy to microeconomic policy. The purpose of this essay is to examine the impacts of liberal reforms and to address any continuing questions.

From the Paper:

"During the 1980's and 1990's, there were various changes carried out. One such change was a decline in tariff protection. In 1974, the Whitlam Government announced a 25% across the board tariff cut (Quiggin, 1996), followed by the Hawke labor government further reducing tariffs to 5% over a period ending in 1992 (Quiggin, 1996). In 1993, Paul Keating effectively enacted a zero tariff campaign. Apart from several troubled sectors such as textiles and car manufacturing, the zero tariff result was achieved under the Howard government in the last years of the century (Brennan & Pincus, 2002). Following the recommendations of the Campbell and Martin Committees of Inquiry, another microeconomic reform occurred in October 1983, with the floating of the Australian dollar."

More papers on Macroeconomic Policy in Australia:

• Essay # 8689 : "Expansionary Monetary Policy in Australia and the USA"
• Research Paper # 100842 : "Social Policy in Australia"
• Research Paper # 92773 : "National Environmental Policies in Australia"

APA Citation:

MLA Citation: