Australia Need to Diversify the Economy Essay

The economist describes the definition of any banana republic as "a country centered by international investment and dependent on an individual export commodity" (The Economist. 2014). This kind of definition has some correlation to the Australian economic climate as more than previous year's Australia has experienced a commodity increase which has dominated and underneath pinned the nation's overall economy. The development of the natural methods industry nationwide has grown the economy and has become the number foreign trade for area (Figure 1). Australia's reliability on the asset industry would not support long term economic stability for the nation, commodity prices are slipping as the developing world industries decrease. The Aussie government must continue with all the development of the commodity market but should also invest into developing fresh industries that may ensure the economic growth of the nation proceeds and to assure the nation can be not dependent upon the normal resources of the country.

Number 1: Formula of Export products 2009(Ian McCauley 2012)

In the past the nation is a huge significant vendre of gardening products just like grain and livestock, it absolutely was able to produce advancements in the manufacturing industry by imposing high charges on imported goods. This is until internationally and regionally it was not really viable to stay with these economic policies and the Australian market was opened up together with the lowering of tariffs plus the floating in the Australian buck. While this benefited the economy with totally free trade contracts, foreign expense and a diversification in the export basic it also contributed to the decline of other industries (Sara Cousins 2013). Throughout Australia's economic record mining plus the exports of commodities have been completely...

... conomy–well prepared for the difficulties ahead. [ONLINE] Available at: http://www.dpmc.gov.au/publications/skills_for_all_australians/chapter2_the_australian_economy_of_the_future.html. [Accessed 04 March 2014].

(The Economist. 2014). The Economist explains: Wherever did clown republics obtain name? |. The Economist explains: In which did clown republics get their name? | The Economist. [ONLINE] Offered at: http://www.economist.com/blogs/economist-explains/2013/11/economist-explains-16. [Accessed 28 February 2014].

(Zheng, Bloch 2012) Australia's Mining Productivity Paradox: Ramifications for MFP Measurement by Simon Zheng, Harry Bloch: SSRN. 2014. Australia's Exploration Productivity Paradoxon: Implications for MFP Dimension by Simon Zheng, Harry Bloch: SSRN. [ONLINE] Sold at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1715235. [Accessed 03 March 2014].

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