This document should be read along with the relevant syllabus, the Higher School Certificate examination, the marking guidelines and other support documents developed by the Board of Studies to assist in the teaching and learning of Economics.
Australia had to open up its economy internationally. Stable economic reforms in Australia ensured that the rate of inflation remains low along with low rates of interest. What Australia needs now is a policy agenda focused on enabling Australians to take their place in an economy and society where universal access to knowledge and information is the key to prosperity.
Australian scorecard This paper evaluates the application of microeconomic reform to the transport sector in Australia. Some candidates supported their response with clear and accurate diagrams. In weaker responses, candidates defined MER and suggested examples of microeconomic reforms; however, they needed to distinguish between factor and product markets.
In establishing these reviews, the government had an opportunity to use the arms-length advisory process, introduced by an earlier Labor government, that has underpinned bipartisan and community support for micro-economic reform.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: This is done through govt. See general information about how to correct material in RePEc.
These candidates did not show an understanding of the relationship between the international business cycle and specific government policies.
The majority of candidates had a good understanding of the goals of MER and of the historical developments in microeconomic reform.
Candidates need to be aware that the marks allocated to the question and the answer space where this is provided on the examination paper are guides to the length of the required response.
The last fifteen years of MER has been the crucial factor in improvements of the status of the economy on Australia especially the return to low inflation. Benefits[ edit ] Studies undertaken by the Productivity Commissiona strong advocate of microeconomic reform, concluded that the Hilmer reforms had a substantial impact on productivity growth and helped to underpin the strong period of economic growth that Australia enjoyed in the s and the early s.
As a result inter regional trading dropped. In weaker responses, candidates did not understand the concept of market failure.
Some used a non-labour market policy to explain how that influences structural unemployment. Weaker responses were those that referred in a general way to a role of the WTO, such as to increase or monitor trade, without specifically referring to free trade and the reduction of trade barriers.
In weaker responses, candidates provided only general information on the CAD and failed to link their answers to its persistent nature. Micro reforms refer to individual sectors within the economy.
What is left are the dregs — policies like privatisation and individual employment contracts — that have failed to deliver improvements in living standards, and on which the Australian public has long since rendered its final, negative verdict.
Question 28 In better responses, candidates clearly distinguished between the domestic and global factors that affect Australia's exchange rate.Microeconomic reform to-day in Australia, as elsewhere, means increasing competition, ensuring competitive neutrality, ensuring access to essential facilities, eliminating restrictions imposed by government regulations and ownership, labour market deregulation and.
Increased aggregate productivity growth in the s has been taken to indicate support for the success of microeconomic reform policy in Australia. Microeconomic policy is action taken by the government to improve resource allocation between firms and industries, in order to maximize output from scarce resources and increase Australia’s sustainable economic growth.
Oct 27, · hey guys, i understand the concept of MER however if sum1 can just give a few examples itll be great. thanks. The technical efficiency dividend reaped by Australian manufacturing industries following the implementation of microeconomic reforms over the past three decades is analysed empirically in this paper.
The technical efficiency scores have been estimated for manufacturing industries using a. Microeconomic Reforms and Australian Productivity: Exploring the Links was released in two volumes on 12 November The paper is part of a broad program of research designed to examine issues such as the relationship between microeconomic reform and productivity improvements, the distributions of the gains and the adjustment implications.Download