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Micro-economic Reform Essay
Economics
3 Pages • Essays / Projects • Year: Pre-2021
Q: Assess the effectiveness of microeconomic reform in achieving the Australian Government’s economic objectives. Australia’s recent economic performance both pre and post-GFC has been impressive, with 19 years of consecutive economic growth, an inflation rate that has remained on average within the 2-3% target band, and an unemployment rate that remains well below treasury forecasts. However, this due not only to Australia’s macroeconomic policies, but also the result of our successful implementation of microeconomic reform, which has targeted long term structural problems in order to improve economic efficiency. However, the short term costs of micro reform include significant costs in the textiles, clothing, footwear, and automotive industries. Despite this the imperative for continued micro reform remains, given the long term economic benefits gained from increasing the sustainable growth range, and the scope of issues yet to be addressed...
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