Evaluate the Effectiveness of Australian Government...

Evaluate the effectiveness of Australian Government economic policies in achieving their objectives. The government implements an economic policy mix involving macroeconomic and microeconomic policy in order to achieve their objectives. The three main objectives include: †¢ Internal stability – low inflation (price stability) and full employment †¢ External stability – stable exchange rate, a sustainable level of foreign debt and the current account deficit (CAD) ï  ©Ã¯  §Ã¯  ¨ †¢ Economic growth Other government objectives include equal distribution of income and environmental management. Though, it is evident that not all of these objectives can be achieved simultaneously as some are conflicting. Thus the government must trade-off some of†¦show more content†¦Another form of macroeconomic policy is fiscal policy, which involves the use of the Commonwealth Government’s budget in order to achieve the Government economic objectives. By varying the amount of government spending and revenue, the government can effectively alter the level of economic activity, which in turn will influence economic growth, inflation, unemployment and the external indicators of the economy. The fiscal instrument is the budget, an annual statement from the government dealing with its income and expenditure plan for the next financial year. Fiscal Policy is an effective tool which can target specific sectors of the economy such as individual industries, unlike monetary policy which affects the economy as a whole; this is why the government implements a policy mix. An indication of the overall impact of fiscal policy (FP) on the state of the economy is the fiscal outcome. The three possible outcomes include a fiscal surplus (positive balance where government expenditure exceeds revenue), fiscal deficit (a negative balance where government revenue exceeds expenditure), and fiscal balance (a zero balance where total government revenue equals expenditure). The main aim of fiscal policy is to achieve fiscal balance, on average, over the course of the economic cycle. The Howard Government targeted a fiscal surplus of 1% of GDP, whereas the current Rudd Government has raised this target to 1.5% of GDP,Show MoreRelatedThe Concept of Equity of Access in the Australian Healthcare System2439 Words   |  10 PagesThe Australian health care system is founded on the concept of equity of Access. Discuss this Statement with relation to the concepts of Effectiveness and efficiency and any interrelation that may exist. 1. Introduction: As Stated in the National Health Reform Agreement-Equity of Access is the fundamental base of the Australian Health Care System (DHA. 2013a). Effectiveness, which focuses on ratio of outputs to outcomes and efficiency, which defines as achieving maximum outputs with available inputsRead MoreQuestions On Opportunity Cost And The Margin And Give An Example Of How They Are Used By Economists2725 Words   |  11 Pagesof consumer satisfaction. Economists use opportunity costs and marginal costs and utility to set priorities. â€Å"Priority setting is about making choices based on resource limitations; not only choosing what to do but also what not to do† (Centre for Policy and Development, 2006). For instance, if a department in a hospital is given extra funding, the decision of what it should be put towards depends on opportunity and marginal costs, to determine the optimal allocation of funds and resources. The extraRead MoreLegal Studies8128 Words   |  33 Pagescriminal law †¢ the extent to which law reflects moral and ethical standards †¢ the role of law reform in the criminal justice system †¢ the extent to which the law balances the rights of victims, offenders and society †¢ the effectiveness of legal and non-legal measures in achieving justice. Students learn about: 1.1.0 The nature of crime 1.1.1 the meaning of crime First of (any act or omission of duty resulting in harm to society that is punishable by the state. it seems quite clear but there isRead MoreResults Based Monitoring And Evaluation2044 Words   |  9 Pagesextensive management reforms in responding social, political and economic pressures that were triggered by the factors of globalisation, budget deficits, structural adjustments and competitiveness (Binnendijk, 2000). Central feature to most of those reforms has been an emphasis on ‘performance improvement’ and ‘achievement of targeted/expected results’ which were the core features of RBM. RBM has been used by many development agencies, governments, and donor agencies in delivering development interventionsRead MoreAccountability and Stewardship9014 Words   |  37 PagesTable of Contents 1.0 Introduction 1 2.0 Accountability 4 2.1 Definition 4 2.2 Objective of Accountability 6 2.3 Principle for Effective Accountability 7 2.4 Types of Accountability 8 2.5 Components of Accountability 13 2.6 Accountability Model in Malaysian Government 15 2.7 Efforts towards achieving Accountability 17 2.8 The impact of lack of accountability 19 2.9 Problems/Challenges to achieve Accountability 21 2.10 Recommendation to improve Accountability 24 2.11 InformationRead MoreThe Ottawa Charter and Health Promotion2462 Words   |  10 Pagesdeveloping personal skills, creating supportive environments, strengthening community actions, re-orienting health services and building public healthy policy. Various health promotion strategies that have proliferated primarily because of the charter include; Closing the Gap, National Chronic Disease Strategy 2005 and Aged Care Access Initiative. In achieving a better state of health, the prerequisites of health that have been established include; to advocate, enable and mediate. The historical significanceRead MoreSOLUTIONS MANUAL to accompany MODERN AUDITING ASSURANCE SERVICES4904 Words   |  20 Pagesincreasing risks to independence. Increased government regulations and professional regulations regarding the tasks performed, quality control and scope of auditors’ work. Increased acceptance of the importance of auditor independence. 1.2 What role does ASIC have in the regulation of auditors? ASIC has a significant role in the regulation of auditors. ASIC is the statutory administrative body for the enforcement of the Corporations Act 2001. Government regulation is exercised through ASIC’sRead MoreEssay about Anz Offshoring Strategy4554 Words   |  19 PagesANZ | OFFSHORING Background This strategic report of ANZ’s offshoring strategy examines the effectiveness and drivers of ANZ’s decision to move towards outsourcing internationally, analyses the impact of ANZ’s offshore programs on stakeholders, explores key risks and opportunities and evaluates the success of ANZ’s offshore system. A | Strategy Analysis February 2012 saw ANZ confirm job cuts to 492 permanent employees, 100 of these positions to be moved overseas. In early 2013, ANZ againRead MoreMarketing Environment And Strategy Of Aesop2668 Words   |  11 Pages The main objective of this marketing plan is to introduce the products of Aesop to the global markets. It becomes essential to analyze and research the product as well as the market in order to create a stronger strategy fit and align all of the marketing activities and efforts to the marketing goals and needs of the potential consumers. Identification of appropriate segments and markets is an essential foundation for the success of the product and the organization. The Australian market is extremelyRead MoreGroup Assessment Essay4297 Words   |  18 Pages 2 ROLE OF HUMAN RESOURCE MANAGEMENT............................................................................3 3. ADVANTAGES OF HUMAN RESOURCE MANAGEMENT............................................................3 3.1 Cost and Time Effectiveness................................................................................................3 3.2 A Competitive Advantage....................................................................................................3 3.3 Managing Disputes