Abstract

Australia has emerged as one of the most dynamic economies in the world. The country’s recovery has been impressive considering the series of crises it has faced in the 1980s. The country has become a model of economic liberalization for countries across the world. Into its 15th successive year of continuous growth, Australia enjoys low inflation, the lowest unemployment for almost 30 years, negligible government debt and regular budget surpluses. But Australia faces new challenges. There are various supply side bottlenecks. Australian labor policies and the school education system also need a major overhaul. Will Australia be able to reinvent itself and build on the tremendous progress it has made in the past 15 years?

Learning Objectives

The case is structured to achieve the following Learning Objectives:

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Keywords

Australia, Most dynamic economies in the world, Australia's Recovery, Model of economic liberalization, Australia's low inflation, Australia's lowest unemployment, Supply side bottlenecks and Australia: reinventing itself