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Australian Economic Policies Despite its relatively small population Australia can be considered one of the important trading nations of the world In 1991 alone the value of Australias exports of goods and services amounted to 51955 million from a total GDP of 377 114 million which accounts to 14 of the total GDP From our earliest days as a prison farm when the number of convicts sent to Botany Bay was the key influence on our economic health through to the present when forthcoming speeches by the Governor of the US Federal Reserve can send our markets into spasm of paranoia what happens outside Australia has had profound effect on the hip pocket nerves of all Australians But is Australia simply in the hands of international banksters and agencies which pull the strings to make us dance Or are many of our problems associated to the fact that we try to ignore developments in the world economy and do not undertake appropriate actions Democratic governments such as in Australia function in the interest of their electors and therefore are inclined to implement policies which will ensure their political survival The characteristics of these polices have to benefit the economy by offering protection of business interests and securing domestic industries from foreign competition Usually these policies are aimed at dealing with economically advanced nations and therefore restrict the expansion opportunities of less-developed countries through high protection barriers such as for example high tariffs To understand this conflict more clearly we must comprehend what are protection policies how are they used and which ones apply to the Australian economy Protection is any policy implemented by the government to provide domestic producers with artificial advantage over foreign competitors Free trade is based on purely market forces without any intervention by governments In the real world international trade blueprints are far different from those proposed by the notion of free trade Markets of
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