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Australia Report Macro Economics

Australia Report Macro Economics

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I have been hired as an Economic consultant.My employer is manufacturer thinking of moving some production from Ireland to Australia and wants an overview of macroeconomic conditions.What are wages like ? Is it easy to set up and do business?
Whats the Inflation History? Economic Freedom ?
Is the financial system easy to bring any profits earned back home?
I have been hired as an Economic consultant.My employer is manufacturer thinking of moving some production from Ireland to Australia and wants an overview of macroeconomic conditions.What are wages like ? Is it easy to set up and do business?
Whats the Inflation History? Economic Freedom ?
Is the financial system easy to bring any profits earned back home?

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Published by: Undergraduate Awards on Sep 01, 2012
Copyright:Attribution Non-commercial

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10/27/2013

 
DEPARTMENT OF ECONOMICS, FINANCE AND ACCOUNTING,NUI, Maynooth ASSIGNMENT ASSESSMENT AND EVALUATIONTo be filled in by student:Module: EC 103Student Name: Mary RedmondStudent Number: 66854567Chosen Countries:Home: IrelandTarget: AustraliaFor grader’s use only: Assignment EvaluationSubstance12343Relevance/focus on questionsStructure/coherence of argumentRange of information coveredStyle/Presentation12345LiteracyLayout & structureReferences(1 = Very Poor, 2 = Inadequate 3: Satisfactory, 4: Good, 5: Excellent)Letter Grade
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Brief economic report on AustraliaIntroduction:
 After researching the economy of Australia, I have listed some key points which will be of asignificant interest to you and have made some comparisons to your current location(Ireland).After reading this report you should get an overview of Australia’s Economy to see if moving some of your manufacturing company will be of a benefit or a costly decision for your company.
CONTENTS
Overview
GDP
Manufacturing / Trade
Australian Business Statistics
Corporate taxes / Treaties
Investment
Inflation Rates
Comparison Tables
Economic Freedom
Banking / Money
Wages / Employment
Human Development
Final NoteOverview
 Australia has a strong and enviable economy. The manufacturing sector is forecasted toexperience a marginally better year in 2007/2008. After two consecutive years 2005/2006 of decline in sales volume, this year will see a modest return to volume growth.It is a developed economy but has a lot more potential to
export goods
. The Infrastructurebottlenecks and a tight labour market are constraining growth in export volumes and stokinginflation. In order to generate growth, companies will be placing more emphasis onmarket growthand to a lesser extent exports, and less emphasis on cutting Labor and non-labor Costs than inthe previous years.
Source: CIA World fact book /aigroup.asn.au 
GDP:
The contribution to GDP for (2007 EST.) -industry: 25.6% The labour force occupation isindustry: 21.2%(2007 EST.)Ireland’s economy is listed top of Australia for Growth rate, GDP Per Capita and market Values of shares.
TABLE 1 Labour ForceGrowth RateGDP per capitaMarket valueof shares
 
Ireland2.2m (112)5.3%$45,600 (10)$0.1t
Australia
10.9M (46)4%$37,500 (23)$804.1B
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T2GDPExportsImportsNetExportsExports/GDPImports/GDPIreland187.5124.890.3350.6660.482 Australia766.8139.4152.7-13.30.1820.199 Australia has one of the strongest economies in the world—competitive, open, vibrant andflexible. The International Monetary Fund (IMF) has commended Australia on the soundmacroeconomic management and continuing structural reform efforts that have underpinned itssustained strong economic performance. It has problems within their management of exportingtheir goods.
Source: CIA WORLDFACTBOOK 
Manufacturing
Manufacturing was growing by just the barest amounts from end of 2006, in nominal terms;businesses expect an increase rise in sales, most of this due to adjustments in selling prices inresponse to cost pressures.Queensland and Western Australia are forecast to experience the strongest growth in sales whileVictoria and New South Wales are forecast to have the lowest growth in manufacturing.The pace of investment growth in new plant and machinery is to slow; exports are expected riseand wages also. Expenditure on research and development is expected to rise.New products will continue to represent a greater share of sales and companies are more relianton offshore inputs (through production offshore and more imported material in domesticProduction) Japan China and Us main trading partners with Australia.
Source: aigroup.asn.au 
Australian Business Statistics:
Business Freedom - 89.3% the overall freedom to start, operate, and close a business is stronglyprotected by Australia's national regulatory environment. Starting a business takes an average of two days, compared to the world average of 43 days. Obtaining a business license requires lessthan the global average of 19 procedures and 234 days. Closing a business is very easy. Insectors dominated by small businesses, the government generally follows a hands-off approach.
Source: 
 Australian bureau of statistics
Corporate Taxes / Treaties
Source: IDA Ireland / Aus Gov
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