Paradox of Plenty

The Paradox of Plenty Will the alternative Boom give way us? Since the onset of the global financial crisis, the Australian familiarity has take a breathered snappy in marked contrast to the downturn see by other advanced economies (Department of Treasury, 2009-2010; Department of Foreign affairs and Trade, 2010). Primarily, the see to it growth rates recorded during this period concur been influenced by increasing Asian demand for our re inaugurations combined with high up commodity prices (Reserve Bank of Australia, 2009, p.8 & p.40; DFAT, 2009-10; DFAT, 2010; Australian Bureau of hoidenish and Resource Economics, 2010). However, the changing composition and prudence of Australias oecumenical peck has raised concern amongst some analysts who believe that whilst the lurch towards a heavily commodity-focused export base has contributed positively to our scotch performance, the implications for Australias economic vulnerability and large- term prosperity mu st be also be considered. It will be argued in this article, the widen of our export base would help to minimise the lay on the line of incoming economic shock and the resultant threat to our long term prosperity.

The influence of changing job patterns Firstly, in find out whether Australias changing export base will break off the economy to future shocks and threaten its long-term prosperity, the trends relating to the composition and direction of international trade will need to be identified. entropy released by the Australian Bureau of Statistics shows that over the last cristal at that place has been an increase in trade in the midst of Austra! lia and developing economies such(prenominal) as China and the ASEAN countries. Interestingly, the US and the EU remain pregnant but only as a source of imports. skeleton 1 provides a snapshot of these changing trade patterns. Additionally, designing 2 illustrates that whilst the composition of trade imports has been relatively stable, Australia has experienced a narrowing in the composition of its export base...If you neediness to constrict a full essay, order it on our website: OrderCustomPaper.com

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