The Australian Economy and the Australian Election
Australia has a mixed market economy and a high level of economic development. It is a net exporter of goods and services and was the 14th largest national economy by nominal GDP in 2022. In terms of trade, Australia was the 22nd largest goods exporter and 24th largest goods importer. The country’s economy is largely driven by mining and agriculture, and the country is also a net importer of goods.
Political parties’ influence on economy
The outcome of the election will have a significant impact on the Australian economy. Whether Labor or the Coalition wins the election will determine how the economy will perform in the years ahead. Inflation, which is currently out of control, will be one issue that will have to be addressed by the new government – a task that will not be easy for the next government.
Despite rhetoric, economic reform has not been a priority. The Howard Government’s big bang tax reform is not likely to achieve equity – its success will depend on the life of the government. The Opposition has fiercely opposed the Government’s agenda, and the Senate has proved to be an even greater obstacle. As a result, the case for economic liberalism made by John Howard during the 1990s has been undermined.
Despite this weakened democracy, Australians are willing to accept tougher policies and the suspension of rights. They see checks and balances as impediments to achieving their goals. As a result, the Accord highlights the link between political economy and population health. Australia is a relatively prosperous country, but it faces some major challenges. For example, the country faces the emergence of authoritarian China, the COVID-19 pandemic, and the rise of technology. These challenges threaten to undermine Australia’s democracy and institutions.
The frequent elections have led to a lack of federal-state separation, which makes the bargaining between the parties more significant. Furthermore, the frequent elections have strengthened the bond between the federal and state governments and strengthened the federal-state relationship.
