Australian Economics

Essay by PheebsUniversity, Bachelor'sA+, May 2004

download word file, 2 pages 4.9

Australia has an interesting mix of government. The system based on liberal democratic tradition includes religious tolerance and freedom of speech. Many of the policies and laws reflect both British and North American ideas. In 1890 Australia decided it wanted the relationship between the national and state governments to be similar to that of the United States. During this time they also decided to keep the Westminster model as the basis for the legislature, the executive government and the judiciary at the national and state level.

Australia has a written Constitution, which defines the responsibilities of the federal government. The Constitution also contains information about foreign relations and trade. Australia was declared a federation in 1901 with the concurrence of the British Parliament. Australia now has a Federal Government, six State Governments and two Territories, which are largely self-governing.

Australia believes that through economic freedom individuals will be empowered by providing opportunities and removing impediments.

In turn Australia also believes that economic freedoms must be complimented by political freedoms. Freedoms to speak, think, believe and associate of not associate as the people see fit. This includes the freedom to appoint and dismiss a government freely and fairly though election. Australia believes these freedoms produce a more stable and prosperous environment.

Australia is a very favorable candidate for trade. Australia is in constant reform to improve the trade environment. The foreign and trade policy is driven by core national interests. The Australian economy is strong and increasingly integrated with the global economy. Good defense capabilities, civil institutions, and cultural diversity maintains Australia's participation in world affairs.

Only 4 per cent of Australian businesses export, but they provide 16 per cent of all Australian jobs. These companies are also among Australia's fastest-growing and most competitive, offering Australians more full-time and permanent...