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Microeconomic reform in Australia Write an essay on Microeconomic reform in Australia including discussion on The meaning of the term Microeconomic reform Examples of recent microeconomic reform Reasons for microeconomic reform Possible effects of microeconomic reform in the Australian economy Microeconomic reforms MER are the actions to reform particular product and factor markets with the aim of raising the economys long term growth rate and increasing its flexibility It also refers to the set of policy initiatives aimed at prompting structural change in the Australian economy so that resources can flow freely from one use to another Any barrier to the free flow of resources in response to price signals creates inefficiencies in the economy adding to cost MER has many aims Firstly it is used to improve resource allocation by maximising output of scarce resources It is also to encourage efficient operations of markets adoption of worlds best practice and encourage efficiencies-allocative limited resources allocated to the most uses for its output to be maximised technical aims to produce at the scale where costs per unit are the lowest and dynamic how firms achieve and maintain efficiency over time Micro reforms refer to individual sectors within the economy They work to improve inputs and outputs and are tools of control in conjunction with macro policies fiscal and monetary MER works on supply side economics to improve productivity This is done through govt deregulation which improves efficiency lowers tariffs increases international competitiveness and through the reforms of the GBEs which lowers costs and increases competition Hilmer report In recent years there have been many examples of developments in MER 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 In the product markets MER has been reducing protection and improving
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