Essay about Structural Change and Australian Economy

This report will show an overview of the current state of the Australian economy and its management by the Federal government through examining economic indicators such as economic growth (GDP), unemployment, inflation and trade.

Telstra is Australia’s largest and most efficient telecommunications company, which provides one of the best-known brands in the country. They offer a full range of services and compete in all areas of telecommunications both domestically and internationally. Telstra’s vision is to enhance its position as the leading full service telecommunications and information Service Company in Australia as well as to expand its presence internationally. (Telstra Website, 2008)

Canada is currently sitting at a population of over 30 million people and is ranked 11th in the world in terms of exports (Canada: Economic Freedom, 2017). The economy in the country seems to be thriving very well with many skilled workers and plenty of jobs for most individuals in the civilian labor force. For the most part, Canada has always done pretty well in terms of having a successful economy. Starting in the early 50s Canada was thriving primarily off of the waterways unlike today the country thrives off selling petroleum, cars, and other things other countries need and want. Although this shift from a farm based economy too much more industrialization did not happen until after the Great War, it wasn't until the 1920s until Canada

Australia became a commonwealth of the British Empire in 1901. It was able to take advantage of its natural resources to rapidly develop its agricultural and manufacturing industries and to make a major contribution to the British effort in World Wars I and II. Now, Australia has a prosperous Western-style capitalist economy, with a per capita GDP at the level of the four dominant West European economies. Rich in natural resources, Australia is a major exporter of agricultural products, minerals, metals, and fossil fuels.

The patterns of change and continuity in Australia at the time of federation influenced Australia to become its own nation through the creation of the Australian identity. At time of Federation, the majority of people living in the Australian colonies were Australian-born. Colonists were also starting to see themselves as Australian, not as British. This meant people wanted their own identity that didn’t link back to Britain. The way of life in Australia helped build the identity, which was shaped by its differences to the typical Britain life. This was affected by the native flora and fauna, the weather and activities, sports and hobbies. There was also a change in the styles of literature and art, becoming more specifically Australian. This contributed to the growing national identity. For example, the popular oil canvas painting named Near Heidelburg by Arthur Streeton (Source 4.41, page 196, Oxford Big Ideas Australian Curriculum History 9) depicts the grasslands of Australia, and shows how people dressed accordingly to the weather. The change of the crops grown in Australia due to the climate, impacted the lifestyle of the people living in the colonies. This is a different landscape to Britain’s, where most of the population had

The impact of globalisation has also changed the structure of Australia 's trade. There has been considerable growth in manufacturing and service industries with limited growth in the rural sector (Table 2). This reflects a combination of changes in world demand and domestic structural reforms.

1.0 IntroductionTelstra Corporation is a telecommunications and information services company. It provides a range of services including fixed line services, Internet access, and business services. Telstra is the market leader in the telecommunication industry in Australia, with one of the most prominent brand names. However, its products and operating services face an increasing threat from competitors. An analysis with recommendations of Telstra marketing is necessary in order to improve its performance.

The modernization of Australia was accelerated by the gold rush and has kept Australia up to date and has advanced us into our modern world. One thing that has pushed Australia further in our discoveries is the economic growth that began from the gold rush. Economic growth has made many people living in Australia create large companies and businesses that have thrived and become global. Globalisation can be both positive and negative as it can have a negative effect on the environment (from the large manufacturers) but has made modernization of Australia possible. It has also created an expansion that has made Australia contribute to the importing and exporting of the world. Back in the 1850’s, this was also beginning with the gold rush and

Telstra is Australia’s biggest telecommunications provider. Many Australians are familiar with the work of Telstra and their utilities can be found in most suburban houses. Stability in this company can be proven by the continuous uprising for the past four years. This rise will

Telstra have dominated the telecommunications market for over a century by providing integrated services with vast geographical coverage. Telstra’s main areas of expertise are providing telephone, mobile, internet services and its 3G network to households and businesses across Australia with 9.2 million fixed line services and 9.7 million mobile services. Telstra have strived to be number one in their industry and achieve ultimate customer satisfaction (Telstra website 2009).

The Australian competition and consumer commission commenced an inquiry looking into Telstra’s rural monopoly in September 2016(4). They concluded that giving service providers roaming capabilities off the Telstra network may have an adverse effect on price levels and there was no evidence that there would be a decrease in Telstra’s pricing through more competition. Currently rural and regional customers benefit from the high competition in metropolitan areas because the industry has consistent Australia wide pricing schedules for their consumer services (5).

Telstra leads the telecommunications industry with the highest returns on investment and with a monopoly on leasing their infrastructure to competitor, it can be argued that any changes Telstra makes to fees and products influence the market as competitors are forced to follow proving their power in the supply chain. A recent article published in the Financial Review reported Telstra’s petition to the Australian Competition and Consumer Commission requesting to increase access fees by 7.2% to fixed line costs to

Microeconomic reforms, structural changes and the introduction of new technologies altered the level of production and consumption in the manufacturing sector in the late 1980’s and 1990’s. The textile, footwear, clothing and motor vehicle industries were dramatically affected by these reforms and many jobs were lost.

In this way, the Fed manages price inflation in the economy. So bonds affect the U.S. economy by determining interest rates. This affects the amount of liquidity. This determines how easy or difficult it is to buy things on credit, take out loans for cars, houses or education, and expand businesses. In other words, bonds affect everything in the economy. Treasury bonds impact the economy by providing extra spending money for the government and consumers. This is because Treasury bonds are essentially a loan to the government that is usually purchased by domestic consumers. However, for a variety of reasons, foreign governments have been purchasing a larger percentage of Treasury bonds, in effect providing the U.S. government with a loan. This allows the government to spend more, which stimulates the economy. Treasury bonds also help the consumer. When there is a great demand for bonds, it lowers the interest rate.

In the cyclical nature of the economy there is a cycle that occurs a bubble then a bust. It can certainly be said that the economy is cyclical in nature. Also, that history repeats itself. Bothe the Great Depression and the Great Recession had years of bubbles of growth followed by bust. This Bubble is a time when there is a large amount of spending in one area where there usually is not. These surging bubbles increase in size so rapidly that there is no way it will sustain its current track. Cyclical economic areas do very well when the economy is excelling and poorly when the economy is doing bad. Cyclical industries such as housing are noted in the articles From Bubbles to Depression (FBTD) and Housing Gets Ugly (HGU). Repercussions of these cyclical industries were catalysts of the