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Australia Economy Essay

1004 words - 5 pages

n EFiscal
 policies
 can
 stabilize
 Australia’s
 economy
  by
 Leena
 Palekar
  The
 role
 of
 a
 government
 is
 to
 stabilize
 economy,
 or
 smooth
 out
  business
 cycles,
 as
 economic
 activity
 in
 a
 market
 economy
 tends
 to
  fluctuate
 considerably.
  Economic
 policy
 tools
 that
 are
 capable
 of
 influencing
 spending
  decisions
 of
 millions
 of
 buyers
 are
 government
 spending
 and
 taxes
  (fiscal
 policy),
 and
 interest
 rates
 and
 money
 supply
 (monetary
  policy).
 
  The
...view middle of the document...

liu.edu)
 
  The
 Rudd
 government
 took
 decisive
 action
 to
 counter
 the
 economic
  imbalance
 caused
 by
 the
 2008-­‐2009
 global
 financial
 crisis
 that
  crippled
 the
 economies
 of
 its
 trading
 partners
 Japan,
 the
 United
  States
 and
 others.
  In
 October
 2008,
 Prime
 Minister
 Kevin
 Rudd
 announced
 a
  comprehensive
 $42
 billion
 Nation
 Building
 Economic
 Stimulus
 Plan
  to
 support
 Australian
 jobs
 and
 businesses
 that
 invested
 in
 the
  nations
 vital
 infrastructure.
 It
 also
 rolled
 out
 tax
 breaks
 for
 small
  businesses
 on
 capital
 expenditure
 items.
 If
 a
 small
 business
  purchased
 eligible
 assets
 costing
 $1,000
 or
 more
 between
 December
  13,
 2008
 and
 June
 30,
 2009,
 it
 could
 claim
 an
 additional
 30
 percent
  tax
 deduction.
  The
 following
 tables
 indicate
 the
 federal
 government’s
 initiative
 to
  pump
 money
 into
 sectors
 like
 education,
 social/defence
 housing,
  transport/infrastructure
 and
 energy-­‐efficient
 homes.
 
 
 
 


 


  (Source:
 
 www.economicstimulusplan.gov.au)
 
  Recent
 reports
 indicate
 that
 the
 government’s
 two
 year
 $42
 billion
  Nation
 Building
 Plan
 has
 stimulated
 the
 Australian
 economy
 and
  supported
 local
 jobs
 making
 Australia
 not
 only
 the
 best
 performing
  advanced
 economy
 in
 2009,
 but
 also
 the
 only
 advanced
 economy
 to
  record
 positive
 growth
 over
 the
 period.
 

Treasurer
 Wayne
 Swan
 said,
 “the
 community
 has
 backed
 in
 the
  Government’s
 stimulus;
 supporting
 jobs
 and
 growth
 during
 this
  global
 recession.”
 
 
  A
 major
 highlight
 of
 the
 government’s
 fiscal
 policy
 initiative
 was
 to
  deliver
 the
 Nation
 Building
 Plan
 in
 cooperation
 with
 state
 and
  territory
 governments
 and
 local
 councils.
 
 
  The
 first
 phase
 of
 the
 government’s
 stimulus
 strategy
 began
 with
 the
  First
 Home
 Owners
 Boost
 in
 October
 2008,
 followed
 by
 handing
 out
  money
 or
 direct
 payments
 to
 households
 -­‐-­‐
 to
 boost
 spending
 -­‐-­‐
 in
  December
 2008
 with
 a
 further
 round
 of
 payments
 in
 March
 and
 April
  2009.
 
 The
...

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