Economic Principles

After the outbreak of the COVID 19 virus, it is taking a longer time by Australia to attain economic recovery. The bitter aftermath involves high rising unemployment with a rise in government debt which had affected the global economy as a whole. Australia’s increasing integration into the East Asia economic community offsets the drag from the major advanced economies. However, the quarrel between the US and China and the dislocation in the context of the global trading and the investment relation got threatened and enhanced the tension between the economic and the Australian security choices (Edwards, 2020). In the context of handing COVI-19 fatalities, the handling of situations like handling of the crisis faced by the Australian governments along with handling the health care workers and the public officials turned out to be successful mostly in Australia compared to other countries. Again the Australian economic response also turns out to be swift, well-targeted, and substantiated (Edwards, 2020). The debt of the Australian government due to the pandemic turns out to be more than half a trillion dollars high that it would be otherwise. The Reserve Bank of Australia had doubled its governmental holdings and the private debt from the beginning of the pandemic and had asserted adequate control over the government bond rates. Australia might need adequate time before the confidential implementation of the investment plans, international tourist returns along with online traveling. After the global pandemic, there had occurred a change in the Australian economic policy options. The current GDP rate is -6.67 percent (Edwards, 2020). Its trade is being focused on East Asia and is far more influenced by the United States, Japan, and Europe. After the breakout of the pandemic, there had existed a widening gap between the bond rates of Australia and the US bond rates which will actually create pressure on the Australian dollar and hence it became one of the serious policy concerns. The COVID-19 pandemic from which Australia is now emerging as the most abrupt, savage, and frightening economic shock in the lifetime of most Australians. But the jolt was also short and unexpectedly shallow. It produced a deliberate cessation of certain activities, some brought about by the government, and others by people’s fear of infection (Edwards, 2020). The primary reason behind the slowdown of productivity in Australia is due to the changes in the Australian tax structure. The growth in wages was slow but was very closer to productivity growth. In this situation, it can be highlighted that there needs to be planned deficit reductions and those should also be slower and modest. The better the recovery in the private sector, the the deficits can be reduced faster. As a whole, it can be stated that the pandemic had created a fragile as well as an uncertain economy where the economy is still facing bigger challenges in dealing with the consequences (Edwards, 2020).

References for Economic Growth of Australia

Edwards, J., 2020. The Costs of COVID: Australia's Economic Prospects in a Wounded World. [Online] Available at: https://www.lowyinstitute.org/publications/costs-covid-australia-economic-prospects-wounded-world  [Accessed 2020].

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Economics Assignment Help

Get It Done! Today

Applicable Time Zone is AEST [Sydney, NSW] (GMT+11)
Not Specific >5000
  • 1,212,718Orders

  • 4.9/5Rating

  • 5,063Experts

Highlights

  • 21 Step Quality Check
  • 2000+ Ph.D Experts
  • Live Expert Sessions
  • Dedicated App
  • Earn while you Learn with us
  • Confidentiality Agreement
  • Money Back Guarantee
  • Customer Feedback

Just Pay for your Assignment

  • Turnitin Report

    $10.00
  • Proofreading and Editing

    $9.00Per Page
  • Consultation with Expert

    $35.00Per Hour
  • Live Session 1-on-1

    $40.00Per 30 min.
  • Quality Check

    $25.00
  • Total

    Free
  • Let's Start

Get
500 Words Free
on your assignment today

Browse across 1 Million Assignment Samples for Free

Explore MASS
Order Now

Request Callback

My Assignment Services- Whatsapp Tap to ChatGet instant assignment help

Hire Certified Experts
Ask your Question
Need Assistance on your
existing assignment order?

We care

MyAssignmentServices uses cookies to deliver the best experience possible.
My Assignment Services acknowledges the academic integrity guidelines prescribed as per Australian Universities to ensure that the services, sample material, and study resources available on our website, in no way are utilised to commit academic misconduct of any type. All users of our services must adhere to and affirm acceptance of all conditions elucidated in our policy document on academic integrity.

Please accept and affirm the following to be able to continue exploring our website and services: I agree to NOT use any educational material, study resources, assignment samples, online mentoring services, available on the web domain www.myassignmentservices.com and all its subdomains to commit any academic misconduct. I have read and been made fully aware of the academic integrity policy of My Assignment Services and by clicking on the button below, I am in principle, wilfully and legally bound to adhere to guidelines of the academic integrity policy in whole and in part.
View Cookies policy | How we ensure Academic Integrity?