What are the major challenges Australia faces in bringing the budget back to surplus

TASK DESCRIPTION:

For the Australian economy

1. Comment on its fiscal performance over the period of last twelve years about 300 words.
2. What are the major challenges Australia faces in bringing the budget back to surplus in about 500 words.

GRADING GUIDE

The following factors will be taken into account in grading your work:

• The depth of your reading and understanding of the topic. At this level of study you are expected to read widely, and obtain more than just a superficial knowledge of the subject matter.
• Your ability to understand and communicate the concepts involved;
• Originality in thought and expression; and
• Technical aspects: English expression, referencing, presentation, etc.

Resource:

• Textbook: Parkin, M.  and Bade, R. 2016. Macroeconomics :Australia in the Global Environment First edition, Pearson Australia. ISBN: 9781486019632
• http://www.budget.gov.au/2015-16/content/myefo/html/16_appendix_d.htm
• rba.gov.au
• abs.gov.au
• treasury.gov.au

Assignment Tips

• The budget figures can be found using the link below
• http://www.budget.gov.au/2015-16/content/myefo/html/16_appendix_d.htm
• rba.gov.au
• abs.gov.au
• treasury.gov.au
• Once you have the budget figures you could discuss for instance why we first had a surplus and prior to 2007/8 and why we had deficits since then.
• Discuss the major developments which may be responsible for this performance, among other factors you may wish to discuss include:
• The rise of China and the mining boom.
• The global financial crisis (GFC) and its impact on the Australian economy.
• The Australian policy response to the global financial crisis.
• The end of the mining boom and the transition to the post mining economy.
• The challenges ahead and how we can might be able to get back to having a balanced budget and what we should increase revenues and/or reduce expenditure and the trade-offs involved. You will come to appreciate that there is a wide variety of views on this including but not limited to trade unions, industry groups such as the mining industry, the building industry, banks, think tanks, political parties etc. and when you read an article it is important to take note of the author’s affiliation.
• You might start by googling Australia budget deficit and take it from there.

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