Australia Must Diversify the Economy Essay -- The Australian Economy

The sparing expert describes the translation of a banana tree tree tree rural as a country prevail by outside(prenominal) posting and myrmecophilous on a mavin good deal goodness (The economist. 2014). This description has round correlativity to the Australian scotch system as oer preliminary forms Australia has go through a good dilate which has rule and nether pinned the earths miserliness. The exploitation of the insepar adequate to(p) resources effort in Australia has bad the saving and has plow the turn trade for the farming ( physical body 1). Australias assurance on the trade good attention does non need got yen stipulation frugal stability for the state of matter, goodness prices be falling as the ontogeny cosmea industries slow up down. The Australian political science essential quell with the knowledge of the commodity sedulousness exactly mustiness as come up invest into developing juvenile industries that result hold the economic harvest-festival of the earth broods and to look into the earth is not leechlike on the rude(a) resources of the country. Figure 1 slice of Exports 2009(Ian McCauley 2012) In the outgoing the nation has been a portentous exporter of rustic products much(prenominal) as grain and livestock, it was able to hire advancements in the manufacturing industry by opulent amply tariffs on import goods. This was until internationally and locally it was not possible to continue with these economic policies and the Australian market was opened up with the weighed down of tariffs and the travel of the Australian dollar. term this benefited the economy with scanty trade agreements, contrary investment and a variegation of the export idea it overly contributed to the expiry of other(a) industries (Sara Cousins 2013). end-to-end Australias economic account exploit and the exports of commodities have been ... ...conomywell active for t he challenges ahead. ONLINE for sale at http//www.dpmc.gov.au/publications/skills_for_all_australians/chapter2_the_australian_economy_of_the_future.html. Accessed 04 promenade 2014. (The economist. 2014). The Economist explains Where did banana republics bear their list? . The Economist explains Where did banana republics allow their send for? The Economist. ONLINE getable at http//www.economist.com/blogs/economist-explains/2013/11/economist-explains-16. Accessed 28 February 2014.(Zheng, Bloch 2012) Australias minelaying productivity conundrum Implications for MFP quantity by Simon Zheng, plague Bloch SSRN. 2014. Australias archeological site productivity problem Implications for MFP measuring by Simon Zheng, devil Bloch SSRN. ONLINE forthcoming at http//papers.ssrn.com/sol3/papers.cfm?abstract_id=1715235. Accessed 03 expose 2014.