Figure 3: Inflation rate of Australia
According to the report of the World Bank, the minimums inflation rate has been witnessed in 1997 that directly implies the efficient of policies and stability of governments in Australia. Through critical analysis of the inflation rate of Australia, it has been found that the maximum inflation rate is 15.47% in 1974 that clearly implies a high exchange of money positively. Through critical analysis of inflation rate in last 20 years, it can be asserted that the current policies and laws are satisfactory but require proper implementation of respective team to ensure that help in enhance economic and sustainable growth of Australia positively. One of the major reasons behind decline in inflation rate is due to exchange rate of capital that creates a negative effect on p economy of Australia. Hence, it is essential to require a firm program need to implement vigilantly such as a cashless payment that facilitates in upsurge economic performance of the country positively.
3.4 Unemployment rate
This aspect of economic plays an essential role in measuring potential risks and challenges that influence the successive growth of economic rate. The unemployment rate creates an adverse effect on successive growth of economy, which can be defined as percentage of unemployed worker in the total labour force. The unemployed rate of Australia in 2018 is 5.3.87%, which is comparatively slower than in 2015 that is 6.056% that implies that the availability of skilled and experienced labour is high that increase the sustainable rate of economic positively.
Figure 4 : Unemployment rate of Australia
On the contrary, it has been witnessed that the lowest value of unemployment rate is 4.23% in 2008 that signifies that there is a chance to reduce the rate of unemployment positively (Worldbank.org, 2019). The minimum value of unemployment rate supports many industries within Australia to enhance its productivity and sustainable growth of country positively. By evaluating unemployment rate of Australia from last 20 years, it can be asserted that a skilled and training program is required to amend that eventually help in increase progressive development of several industries and ultimately the economic performance of country for maximum result. Therefore, it can be asserted that the current economic performance can be maintained through training programmes.
3.5 Exchange rate
Exchange rate plays an important role in understanding broad perspectives of economic in Australia that eventually increase productivity and sustainable growth in a systematic manner. It can be defined as the value of one currency for purchasing and selling of product with another country that helps in increase sustainable growth of the country positively. According to the report of Reserve bank of Australia, it has been witnessed that the rate the exchange rate on 3 May 2019 is 0.69, which is comparatively lower than previous year performance that implies a progressive growth of country positively (Rba.gov.au, 2019).
Figure 5 : The exchange rate of Australia
On the contrary, it has been evident that the highest exchange rate was evident on 29 January 2018 that 0.809 that reduce the productivity and sustainability of Australia in terms of productivity and sustainability. In arguing with that, Reserve Bank of Australia asserted that the exchange rate of Australia is progressively declining that help in enhancing economic performance through increased productivity and reduce exchange rate positively. By comparing exchange rate in last 20 years, it can be asserted that a firm law and regulation are needed to implement so that maximum positive economic performance of Australia can be reduced positively without compensating with productivity. It has been witnessed that a foreign exchange contract is required to amend so that the exchange rate can be reduced systematically.
GDP growth is necessary for Australia to get details about economic performance. It also helps in conducting short term analysis to analyses the ups and downs of the economy in Australia. Thus, the Australian service sectors have also looked after developing the GDP to the rate of 68 per cent. The orientation of the market is also necessary to be developed in Australia to maintain economic balance. Besides this, in order to conduct increase employment rate to conduct development in economical part. Besides this, it is necessary to conduct development in GDP growth rate. It is also necessary to forecast the GDP growth of Australia to develop a better view of the economic part.
From the above study, it is seen that Australia has developed FTA with China and Korea along with Japan, Chile, Malaysia and New Zealand. It is also seen that from the year 1999 to 2008, the rate of Australia's GDP increased at a rate of 3.4 per cent. It is also seen that Australia has a top income tax rate is 45 per cent and it has a flat corporate tax rate of 30 per cent. A firm law and regulation is required to implement that monitor progressive growth of economic by reducing triggering potential risks.
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