Australia in 2005
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Case Details:
Case Code : ECOA127
Case Length : 14 Pages
Period : -
Organization : -
Pub Date : 2005
Teaching Note :Not Available
Countries : Australia
Industry : -
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Introduction
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Australia, had emerged as one of the most dynamic economies in the world in
recent times. The country's recovery was impressive considering that in the
1980s, it had faced a crisis of sorts. Australia had been on its way to becoming
a banana republic in the words of the then treasurer (finance minister), Paul
Keating.
Keating and prime minister Bob Hawke, implemented tough measures such as the
near-elimination of tariffs, the floating of the exchange rate, the first
introduction of enterprise-level rather than industry-wide pay bargaining that
broke the power of Australia's unions, bank deregulation and compulsory saving
for pensions.
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The Labor reforms, supported by the opposition Liberal Party, virtually transformed Australia. The country became a model of economic liberalization for countries across the world. Many analysts considered Australia to be one of the best places in the world to do business. In 2005, as it entered its 15th successive year of continuous growth, Australia enjoyed low inflation, the lowest unemployment for almost 30 years, negligible government debt and regular budget surpluses...
Excerpts >>
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