Australian Economy compared to China??™s Economy
An economy is an economic structure is place within a country. The economy depicts the labour, capital, land resources and economic agents that interact among each other assist in the production, exchange and manufacturing of goods and services. The main factors of an economy are the involvement and interaction of technological evolution, history, social organisation, natural resource, endowment and ecology.
The GDP (Gross Domestic Product) of Australia is expanding at a rate of 0.90% in the last Quarter. According the World Bank the Australian GDP is worth 1015 billion dollar (1.64%) of the world economy. The Australian Economy is mainly influenced by the services sector. The foundation of the economic success is through agriculture and mineral resources. Due to Australia??™s export of primary goods and services it is an indication that it is a small domestic market and identify the national wealth. Australia is defined as an essential element of the global finical system. The inflation rate of the Australian economy is 2.10% and the interest rate sits at 4.00%.
However the GDP in China is at a rate of 10.70% in the last quarter and China??™s GDP 4326 billion dollars (6.98%) corresponding to the World Bank. The China Economy is the second largest economy in the world. Moreover in the last 30 years China??™s economy had change from centrally planned system that was closed to the international market to oriented market that promotes quick growth in the private sector. China??™s key feature to its rapid economic has been the increase in exports. The inflation rate of the China??™s economy is 2.70% and the interest rate is at 5.31%.
The current employment rate according to the Australian Bureau of Statistics in February 2010, states that 10 971 000 residents of Australia are in the labour force or actively seeking employment, the unemployment rate is 614 000 people therefore the unemployment rate is approximately 5.3% and finally the participation rate is 65.2. Within the past 1 year the following trends have been analysed. The employment rate for Australia has increased by 1.7%, the unemployment rate has risen 3.2% and the participation rate had decreased in a total of 0.2 points.
Employed People Unemployed People
Be that as China??™s employment rate from December 2009 was stated at 807.3 million people in the work force or actively seeking work and an unemployment level of approximately 4.20%. Within the Past year the employment rate of China was rose from 800 700 000 million people, while the unemployment rate dropping from 4.20% with a change of -4.76%.
State by the United Nations (UN) Australia has the second greatest quality of life in the world and a Human Development Index (HDI) of 0.970 ranking second in the very high human development. The average life expectance for males in Australia is 79 years old and for woman is 84 years old. Furthermore the education levels of Australia are at an efficient level. On average in Australia the school life for an adult is 16.5 yrs, the tertiary enrolment level is 63.3% and the literacy level of the total population of Australian is 99%.
On the other hand Chinas HDI is 0.772 therefore ranking 7th on the Medium human Development. The life expectance for people in China on average for males is 72 years and for women is 76 years. Within China the education level are considerable lower. On average the expected duration of education for all adults is 10.3 years, the tertiary enrolment level is 7.5 % and the literacy level for the whole of China is roughly 86%.
Australia has a large variety of natural resources comprising of gold, coal, aluminium and varies others. Our natural resource is a key part of our economy. Most of our exports come from these areas. The Australian governments main issue is sustainability of economic uses of the environment. Australia has a very poor record of preserving the environment, but is ranked within the top six in the world. Over the past two hundred years we have seen the extinction of many mammals, a third of the worlds total and roughly 620 animals and plants are considered threatened. Also the most significant environmental problem faced by Australia and most of the world is climate change. Australia has introduced many policies to improve the greenhouse gas emissions. One of the goal set by Australia was by 2020 20% of the electricity used was to be from renewable energy sources.
Be that as it is China has recently improved it environmental responsibilities. The World Bank states that China is one of the few countries to that have been increasing there forest cover, as a result improving the air quality and decreasing water pollution. With the introduction of a stimulus package of $ 498 billion US the government is anticipating the improvement sewage and rubbish treatments, reduce rate of water pollution and increased energy conservation. China is among the Countries involved the solving the issue on climate change through their heavy involvement in environmental negotiations. However the China government is keen on the developed countries helping out developing countries to a greater extent.
In Addition, the Australian government acts through the Department of Health deciding the nation??™s health polices and health services. Within Australia 9.8% of the GDP covers all the health expenditure of the state government and primary Sector. There are extensive pressures toward the budget due to the constant developments in technology and the increase in patients because of the aging population. The funding provides financial support to public hospitals, age care facilities and home and community care for the aged people. Also it is a source for development in research and training.
The education system in Australian is conducted through the Department of Education. The role of the Department of Education is divided into two key focus areas, schooling and Australian higher education. Schooling is to provide people with foundations to develop skills, values, knowledge and equip people with life skill to assist in a heavy involvement in society. The Australian higher education system contributes to Australia??™s future by playing a critical role in intellectual, economic, cultural and social developments.
The Australian government??™s role in social welfare is to provide financial assistance to people able to find employment, ageing and aged care services, disabilities services and assistance for housing. The current retirement age for people in Australia is 67 yrs old.
In China??™s government they have introduced a reform into the health care system that provides fair and affordable services. Funding for the improvements of the health care system was announced at a total of 124 billion US dollars. The reform will cover basic pubic service and is the first time basic medical service was supplied to all the citizens. The aim of the reform is to resolve complaints.
The education system in China is a state run by the Ministry of Education. In China all citizens must attend school for 9 years. The government provides primary education for 6 years and secondary education for 6 years. Majority of the people attend primary schooling (99%) and 80% of people attend both primary and secondary.
The main responsibilities for china??™s government within social welfare includes unemployment insurance, medical insurance, worker??™s compensation insurance, maternity benefits and pension.
The Australian government and china??™s government share and differ within many aspects of the economy. The Australia Growth rate is at 0.90% where as China??™s is at 10.70%. Furthermore the Australian employment rate is 51.34% comparing to China??™s 61.43% and the unemployment rate is 3.5.3% and 4.20% in favour of China. Australia??™s Quality of life is considerable higher than Chinas coming in at 0.970 in contrast to China HDI at 0.772. China and Australia share similar responsibilities and ideas with the government??™s involvement to the environment and their specific roles.