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ECONOMY AND GOVERNMENT POLICY

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Introduction

In spite of opportunity of various works, the economy of the World is still suffering from the longest crisis which strains in the modern era. This economy directly impacts on the rise of unemployment statistics. On the other hand, this unemployment statistics is affecting the economy of a country. In case of Australia, in the last five years, this fall of unemployment rate is increasing the economic tension of the country. Due to political conflicts, economic crisis and loss of scope to start new business impact in the employment statistics of the country. However, not only this, but also the educational system of the country is responsible for the rising unemployment. It has been noticed that the educational system is based on academic and non application based educational system which impacts on the career oriented goals of the people especially the young people. Thus, this affected on the unemployment issue of the common people of the country. Additionally the government of the country was ignoring the facts of government involvement in this issue for complete eradication of the unemployment problem. Thus, the government needed to incorporate policies for the people so that unemployment issue could be dealt more easily. In the current essay, a systematic analysis and discussion have been conducted on the current issue for better understanding.

Analysis of the effect of Unemployment in Australian economy

Similar to the other developed countries, Australia is promoting their sustainability by means of economic growth. However, the unemployment rate of the country is affecting on the sustainability of economic growth. According to Roobavannan et al. (2017, p.178), employment opportunity directly impacts on the development of economy of a country. Prenzler (2017, p.569) supported and commented that, with the help of employment scope, the business scope can be increased and the human resource of a country can be strengthened. Thus, it is becoming essential for Australia to improve the economic growth. It has been noticed that, since 2011 to 2016, the employment opportunity of the country is falling by 5.6% every year (budget.gov.au, 2018). This has become a serious threat for the government of the country. On the contrary Rohde et al. (2016, p.250) argued that, taxation system of a country is the prime factor of increase in unemployment rate and loss of job opportunity.

The corporate tax rate of Australia has increased from 36.50% to 49%, which is a huge jump (economicshelp.org, 2018). As for this reason, many companies are losing opportunities for conducting their business abroad. Along with this, many companies have reduced their remuneration structure for their employees and some of the companies have started to cut off their potential employees. Critically, it can be stated that with the poor employment strategy the country economy suffers. On the other hand, this unemployment statistics is affecting the economy of a country. In case of Australia, in the last five years, this fall of unemployment rate is increasing the economic tension of the country (Haw et al. 2015, p.73). Due to political conflicts, economic crisis and loss of scope to start new business impact on the employment statistics of the country has been seen. However, not only this, but also the educational system of the country is responsible for the unemployment rise. As stated by Nethercote (2016, p.356), along with the living standard of the people the production of a company gets suffered. It is the government’s initiative that imposes huge rates of tax on the shoulder of the business organisations. However, this strategy has not worked out and the government of the country has faced tremendous economic degradation due to unemployment. It has been observed that, the GDP of the country has drastically fallen in the last half of 2016 of about 6.8%

[Refer to Appendix 1]

Along with this, since 2011 the GDP is not increasing as that was estimated after the tax reformation. According to Milner et al. (2014, p.1500), most of the amount of GDP can be obtained from the private business support of a country. On the contrary, in case of Australia, the government was putting a huge tax burden on this business organisation instead of supporting them. As a result the economy of the country has started falling. The Australian Government was ignoring the fact that the businesses are creating the opportunity of employment but not the government. On the contrary Milner et al. (2014, p.1500) argued that due to political condition, the growth of economy can be depressed. Among the 63% business organisations of private sectors including the big and SME companies the political conflicts of Australian Democracy impacts on their production. As a result the companies are cutting off a huge number of employees. As a result, the cyclic unemployment has been occur.

Thus, it impacted on the productivity of the country which impacts on the loss of GDP of the country. On the contrary Mavromaras et al. (2015, p.2413) argued that, the economy of a country can be reformed by the effective employment settings. Junankar (2015, p.191) supported and commented that, the reduction of tax and regulatory burden needs to be reduced from the business organisations of a country in order to promote the opportunity of business. This, the business opportunity can increase the employment rate as well as can reform the economy of the country. On the other hand, the human resources of a country is the representation of the attitude, efficiency and skills of the labourers who is participating in the economic growth of a country. It has been noticed that, the jobseekers of the age group off 15 to 19 have been increased 25.5% in July of 2015 which showing the rising of unemployment statistics (oecdobserver.org, 2018). Additionally the percentage of adult jobseekers has been raised to 5.6%. In the comparison of these factors, the GDP of the country has been fallen about 3.1% in 2013 to 2014 (budget.gov.au, 2018).

Discussion of Australian employment policies

 

The issue of employment has always been the base of the economic strength of a country (Adhikari et al. 2016, p.4). In order to generate a strong economic background, the policies of government should focus on the issues regarding employment (Considine et al. 2015, p.45). In order to resolve the issues of unemployment, the Australian government has adopted several policies to resolve the issues. The main purpose to implement the policies into action is to reduce the unemployment issues. As per the opinion of (Dufty-Jones, 2015, p.67), there are two major strategies that are considered to be used to reduce unemployment issues. The first strategy is of the implementation of the demand side policies and the second one covers the supply side policies. The Demand side policies that are being applied in the business sectors of Australia to reduce unemployment comprises of mainly Fiscal Policy and Monetary Policy. The implementation of Monetary Policy gets applied by cutting the interest rates to boost the overall demand. On the other hand, the Fiscal Policy is used to cut the tax rates to boost the demand. Along with these two policies, the Government policies of Australia focuses on the growth of the labour market which will produce a great supply chain to fulfil the demands. 

As there has always been the issue of unemployment in Australia, the government prefers to be attentive to solve these issues (Beer, 2015, p.23). The Government has applied the policies to provide training and education to reduce the structural unemployment. On the contrary, the Government is also focusing on the geographical subsides to encourage the farms to spread their business in the rural areas. Along with these facilities, the government has also focused on the lowering of minimum wages to promote employment. The main intention of the application of these policies lies in the reduction of the unemployment issue to bring balance in the economic structure of the country.

The application of the Supply Side Policies is also another important aspect of the government policies to resolve the issues of unemployment. Unlike the Demand Side Policies, these policies concentrate on the improvement of the micro-economy of a country (Haw et al. 2015, p.79). These policies comprise of the introduction of training and education programmes, reduction of the power of the trade unions and improvement of the geographical mobility. These policies have helped the country to fight with the unemployment issue to increase their financial strength.

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