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Economic reformation in Australia during the 1980s and 1990s led to the identification of longstanding government policies and institution which takes into the consideration the highly regulated products and labour markets. Apart from this, it also considers the high degree of industry protection, centralised procedure of determining wages and ownership of government towards large section of economic infrastructure. Policy reform proposals in Australia are unlikely to be implemented and it is less likely to be resilient unless it is accompanied by compelling narrative.
The concept of core narrative should be used to support the economic policy reform in Australia for the last 30 years. It is proposed that reforms which enhances the productivity and reduces labour cost, establishes international competitiveness, drives growth in export, increase in employment and reduces inequalities by enhancing the living standards[1]. Reforms proposals have been tentatively presented as they have been poorly understood and they have not proved resilient. It is evident that large number of policies initiated by the Australian government has proved to be fragile and raises questions on policy reformation ability. Given the Australian national fixation with the simplistic reform narrative is based on the fundamentals of international competitiveness such as “export”, “growth” and “jobs”.
The rationale for this report is to determine that economic reforms would help in producing the biggest return which will be supported by several policies which is desirable and useful. The rationale for this economic reform is to identify the areas where the policies research must focus on the substantial economic reforms regarding participation of workforce as this would represent better return on Australia’s investment. Women currently make up to 58 per cent of the working force of the tertiary education enrolment and if these tertiary graduates do not work Australia significantly loses the economic contribution.
It is believed that additional working workforce participation would represent higher incidence of unemployment. Furthermore, this theory in economic is known as lump of labour fallacy as there is no fixed amount of workforce available in the economy[2]. With more supply of labour the returns to capital are considered as higher. This will help in increasing investment which will ultimately reduce capital stock, higher demand for labour and restoring income equalities to their actual level.
Currently Australia, economic has been underperforming its aristocrats. Ever since the of 2012, Australia’s actual GFP has increased at an annual rate of 2.03 per cent which is 0.1 percent less than the United States and 0.3 less than its neighbouring country of New Zealand[3]. The per capita terms have been more striking as Australia’s per capita GDP growth rate of 0.5 is relatively short of UK 2.0 per cent, with US and Canada’s 2.0 and 1.9 per cent rather than being in correspondence with the figures of Japan and exceeding only 0.1 per cent of the euro zone[4].
The current economic reform represents the volume of resource export which has increased over the years strongly at an annual growth rate of 10.4 per cent since the end of 2012. This accounts for almost half of the increased Australia’s actual GDP during that period. However, during the same time the cost for those exports have fell by 30 per cent compared to the US dollars this represents that the export resources are not contributing to the growth in Australia’s national income that is implied by their contribution to real GDP growth.
Australia’s productive output growth is measured in terms of both labour and productivity which has slowed in the recent years. In the current cycle, growth in output of labour productivity in the market has reflected an average of 1.1 per cent annually which is only half of the long run average. In contrast to the rate of capital which averaged 1.4 per cent a year, highlighting a strong prospect of business investment because of Australia’s current terms of trade boom.
One of the highly cruised analysis presented so far by the economic reform is that it emphasise on the primary poverty and income equalities which is not in context with the contemporary realities of the labour market and the priorities driving the policy agenda. The subject emphasise on the vitality of employment irrespective of its short run consequences for income and leading to poverty. Sustainability of income in the long run often demands the work ethics to be reinforced in the short term. Another noteworthy point to denote is that no such improvement has been made to cover the delays amid the experience of employment and the advent of its opposing consequences.
The literature emphasises on the procedure which reinforces and entrenches the difficulties which usually commences with the spell of unemployment. The study brings down numerous instances of empirical evidence on social cost associated with employment which consists of the impact created on the psychological elements of family life. Economic reforms are aimed to increase the human capital which is important in improving the standard of living and such reforms are largely aimed to reduce the labour income inequality[5]. Several new analyses represent that an increase in the share of workers with upper secondary education relates to the decline in labour earnings inequality. The examples of policy initiatives tend to raise the upper secondary educations which is attainable include enhanced accountability with better recruitment in special support for pupils who are exposed to the perils of dropping out.
Microeconomic reforms and the environment have formed a central issue in policy making for over the years. Several Australian government have pursued economic reforms to improve the standard of livings of Australia by making improvement in productivity. Over the past few years the productivity of Australia has increased to many folds as the microeconomic reforms relates to the improved performance[6]. However, the picture of environment does not look bright and in some areas, it is quite disturbing.
The environmental audit comprehensively laid down that there are few positive discoveries but they highlighted that Australia faces large number of several environmental problems which need to handle on top priority. The priority issues consist of the loss of biodiversity, deterioration of inland waters, erosion of soil and salinization. The report significantly points out that insufficient information represents that it is not possible to decide on the matters concerning the environmental management. Current report by the national farmer’s federations and Australian conservation foundations anticipated that the current cost of land and degradation of river is approximated to be around $2 billion yearly. Bills to repair land and river systems could run to $60 billion however, the degree of such estimates reflects the issues on a serious note[7].
Microeconomic reforms and the environment are connected in several ways through probable impact of microeconomic reform in changes in environment and environmentally associated policies based on economic activities. The potential impact of microeconomic reforms on environment are helpful in distinguishing amid the reforms directed at environment and natural resources. Microtomic reforms are specifically directed on improving the use Australia’s natural resources and nations environment as they are aimed at creating a link between the microeconomic reform and the environment. Hence, the use of microeconomic reforms usually targets resource management issues which directly offers potential gains for Australia and its environment.
Many studies have found positive impact of economic reforms in Australia’s economic productivity performance ever since 1990. In the year 2005 the commission of productivity noticed that NCP and other related reforms have directly contributed to the change in price of the infrastructure and productivity. During the year 1990 the GDP of Australia increased to 2.5 percent or $20 billion in comparison to US dollars.
A study conducted by IMF found that liberalisation of trade and reforms in labour market have significantly contributed in increased competition which ultimately lifted the MFP growth trend by 0.5 and 0.9 of a percentage[8]. In addition to this, another study conducted by IMF noticed the evidence that competition has intensified reforms by driving more efficient resources through new work practices which encouraged the use of new technologies.
Importantly, it is recommended that the benefits of NCP and other related reforms should be spread across that community which also includes the rural and the regional context of Australia. Modelling of productivity with price change forms the key infrastructure in increasing the regional output across 57 regions of Australia. Implementation of such reforms would ultimately help in generating the ongoing benefits such as market competition and flexibility of microeconomic. This helps in permanently improving the firms operating environment by promoting the diffusion of higher production with better products, implementation of such reforms will significantly help in reducing price of goods and service such as milk, electricity and telecommunication. Thus, the competitive environment fostered by NCP and other reforms will help in reducing the incidence of inequalities leading to stimulation of employment and wages which will provide additional benefits to individuals.
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