08 Jun ECONOMICS ASSESMENT TASK 2010
In 2009, the world experienced a Global Financial Crisis (GFC) which caused recession in most advanced nations around the world. In an effort to combat this, the Australian Government created a Stimulus Package to increase aggregate demand. The treasurer, Wayne Swan proposed that $42 billion would be given to both individuals and businesses to lessen the impact of a recession. The package included a one off $950 payment to low and middle-income families, individuals, famers, students and other groups. The Stimulus Package was also aimed at the construction of new buildings and upgrades, as well as roadworks. The Government also intended to give 9,540 schools around the country, a grant to build a new hall or canteen. Businesses were also offered investment tax breaks to purchase new assets.
The GFC affected Australia’s Economic growth, Unemployment rate and Inflation. These three elements of the economy are all interrelated and affect one another. In 2008 Australia had been experiencing exponential growth for 10 years at an average growth rate of 3.6%. Unemployment wa…
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