Article Critique

Published on 31 July 2006HYPERLINK http /www .oecd .org / text file /28 /0 ,2340 ,en_2649_34569__1_1_1_1 ,0 0 .html http /www .oecd .org / record /28 /0 ,2340 ,en_2649_34569__1_1_1_1 ,00 .htmlEconomic Survey of Australia 2006Economic Survey of Australia 2006 : The short-term take exception : riding the commodities rollercoasterSometimes referred to as the lucky country , Australia has been riding the planetary boom in commodities , benefiting increasingly from its proximity to Asia . But Australia has too made its own luck through a serial of structural reforms and the introduction of a robust macroeconomic mannequin which perplex bolstered resilience . This is illustrated by its macroeconomic stability in the face of a string of fresh shocks , in ascetical contrast to the macroeconomic chaos which followed the commodities boom of the early seventies . A further test of this new resilience exit occur at some point when the terms of grapple decline - this underlines the need to continue prudent macroeconomic policiesReforms have in addition boosted productivity , with living standards steadily catching up with the best performing countries since the early 1990s The long-term scrap is to sustain this performance , in particular in the face of race ageing , which will require progress on a number of frontsImproving fiscal relations across levels of government . numerous public services argon funded goly by the substitution government and the states Clarifying roles and responsibilities would raise public sector might . Particularly in the areas of hospital services and old-age care , atomization in decision making leads to cost and blame-shifting Addressing these problems has been placed on the agendaBoosting productivity result .

Following a surge in the second half of the 1990s , productivity growth has reverted to its long average Infrastructure bottlenecks have held back export growth in some cases More importantly , there is alleviate further business in the reform of network industries and ineffective use of water remains a major doctor The slow pace in overcoming market segmentation and contribute greater competition in these sectors is partly due to the joint responsibilities of the federal government and the states , although , the Council of Australian Governments has recently agreed to a National Reform Agenda that aims to re-invigorate and broaden the reform change . In this context , improving workforce skills will also be importantRaising elbow grease market flexibility and supply . The recent industrial relations reform is a further apparent movement away from a system that had been highly prescriptive . live for further simplification remains , which would allow greater domain for bargaining over workplace conditions . In addition , labour supply can be raised further , particularly from lone parents , second earners , disability beneficiaries and those aged over 55 . The recent tightening in eligibility requirements for welfare benefits goes in the decent direction , but should also be applied to the extraction of all beneficiaries . A priority for future tax cuts should be to reduce low wage trapsCurrently , one of the main drive forces of economic activity is the global boom in tap commodities in which Australia is a major exporter . The terms of trade are currently around a...If you want to get a well(p) essay, order it on our website: Orderessay

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