Essay on Economic Growth And Development Of Australia

Essay on Economic Growth And Development Of Australia

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Economic growth is an increase in capacity of an economy to produce goods and services, compared to from one period of time to another. The Gross Domestic Product (GDP) found within in an economy is formally used as a measuring point for how an economy is growing or performing within its framework of economic components. Gross domestic product itself is the total market value of all final goods and services produced in an economy over a period of time.

By utilizing the data presented from ones economic growth, individuals can determine the trends, precise statistics and the events to come within a country’s future in order to develop forecasts and decisions based on an economy’s current course.

Economic Growth within Australia:

Australia as a whole has been most successful throughout the recent decades in terms of stimulation and projection of the growth rates within Australia. Currently nearing the 25th year of successful economic growth, the current Australian annual growth rate stands at 2.3% after declining from 2.7% from 2014 last quarter.

In reference towards ‘Figure 1’ we are able to see just how Australia’s growth has substantially changed within the past 10 years. Even though Australia’s economy as a whole has successfully sustained a positive growth rate of the past decades, this figure does reveal intervals of slow growth. In particular the figure presents a decline starting from 5.0% in 1999 and declining rapidly to 1.9% in 2001. It’s recovery started however in the following years of 2002-2003. These events are most likely due to the leverage Australia has managed to obtain through its exports of resources such as minerals and agriculture.
The current economic state within Australia cannot be seen as something ...

... middle of paper ...

...0% in 2005 to 4.2% in 2008.

It is forecasted that within the next 5 years the mining boom will hit a bust due to the amount of resources we have being depleted over time. However numerous individuals argue that this does not affect Australia’s economic growth as things such wage rate growth has remained just as strong prior to the mining boom. Other areas such as household income were also substantially increased over the time period of the boom. ‘Figure 3’ shows this as a 10% change from the years 2005-2006 to 2007-2008 reinforcing the idea of income sustainability throughout the mining boom.

Concluding this the mining boom has helped boost the Australian economic growth on a large scale. Even though the mining boom is coming to an end, it is predicted that another phase of production will begin to help sustain this level of economic growth Australia has achieved.

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