Choose one of the following topic  Examine industry reforms in one of the following industries:tourism, meat and livestock, agriculture, and hospitality inAustralia in the last 10 years. Analyse its...

Australian Economy
Australian Economy
Student Name
Contents
Introduction..................................................................................................................................3
Australian Growth........................................................................................................................4
Australian Economy in the last 10 years......................................................................................6
GDP Components..........................................................................................................................7
Industry Growth in the last 10 years.............................................................................................7
Economic Reforms.........................................................................................................................8
Australian Economic Growth System............................................................................................10
Conclusion.....................................................................................................................................12
References.....................................................................................................................................13
Introduction
There has been a significant economic growth in the various sectors of Australia in relation to the largest mixed-market economies. So far the Australian economy has contributed to the GDP of A$1.69 trillion as per the statistics of 2017 (Baker, 2015). The economy has tremendous growth over the years in the agriculture, livestock, tourism, meatstick but it has declined in the mining sector. It has been observed that the Australian economy has so far not remained volatile and remained resilient and stable and since the time of the recession period July 1991 till today. There has also been a considerable shift in the structure and the sector related to the Australian economy which has shifted its base from the agriculture along with the manufacturing part towards the services. The mining industry has also significantly grown in terms of the importance recently. It has been established that the Economic activity needs to also gradually shift its base from a resource-rich state such as the Queensland or the various parts of Western Australia (Begum, 2015). It also needs to align and bring a change structure in relation to the economy which has also aligned and driven by a range of factors as per the rising demand with respect to the services. There also needs to be an industrialization of Australia along with aligning the best economic reform and ensuring a proper technical change. There has also been a reform with respect to the structural change which needs to also appear as per the increased or driven with respect to the rise in resource export prices along with ensuring productivity in the mining investment. It has allowed the economy which has allowed the transformation in the central part of the production in terms of the primary products working with the urbanized economy which focuses on the producing services. There is also a need of the resurgence of the mining industry along with the lifting the industry's share of investment along with the key focus of the output and exports, along with it ensuring steps to contribute with regards to the rising share within the states of Queensland and Western Australia which are in the economy.
In this paper, we have taken the topic of the Australian GDP components and economic growth during the last 10 years. We have also evaluated that highest growth industry which has also allowed the introspection in terms of the main drivers related to the growth. We would also be analysing the Australian Government and determine the major policies related to promote of the economic growth during that period.
Body
Australian Growth
The growth component and the working of the Australian economy has resulted in the impact and the growth of significantly in comparison of the economic growth of Australia last 10 years. There has been also a remarkable performance. There is also an unprecedented growth and development in the various parts of Australia's economic history with respect to the other developed economies during such time period. To analyze the GDP and the components there also needs to be ways to answer a number of interesting questions such as-:
• To determine how and why Australia was able to record and grow in regards to the good performance;
What were the attributing economic policy decisions?
• To determine the growth of the distribution which was observed in the other nation?
• What kind of the likelihood would be recalled with respect to the continuing?
The Australian economy reforms are determined as per the medium-term framework which has also aligned with respect to the ensured and given a budget balance that has been evaluated with the given cycle. It is important for the Government balance sheet to remain intact and in a good order (Nordin, 2018). There is also a need of the formulation of the economic reforms strategy, with respect to the `over the cycle' that has resulted in the use of policies along with the progressive work of the demand management tool.
It is important to align and use the discretionary fiscal policy that has resulted in the desirability along with the increased effectiveness in relation to the discretionary fiscal policy. It is even accessed that Australia is also a comparatively a relatively small, open along with a free radical and a financially developed economy. It also has a floating exchange rate. It is important to understand that the Standard monetary policy is more relative to the potent demand management tool with respect to the economies. As it is accessed that it is predicted with respect to the fiscal expansion which can also produce and assure higher interest rates which will result in the reduced investment expenditure. It would also result in the instantaneous inflow of capital along with it aligning the extent of the circumvent any change with respect to the interest rates along with the possibility of the produce an appreciation in...