40min(short answer +essay)8.

14tue
(economic performance , material and non-material living standards experienced in this coun
try and make comparisons with Australia compare all measures)

Short answer questions comparing Australia and two trading partners(China & USA)
● Compare and contrast Australia’s economic performance to each country

Potential questions:

1.Australia and China are similar in regard to ..,this is evident in

2.Australia and China are different in regard to .. this is demonstrated in…
3.Australia and the USA are similar in regard to ..this is shown in..
4.Australia and the USA are different in regard to…this is demonstrated in

Using your table scaffold, complete the following questions:

● Which country has the highest (or lowest) inflation rate?

● Which country has the highest (or lowest) unemployment rate?
● Change the question by replacing the indicator.

● Which country is the wealthiest / poorest? Why?

● Which country/ies have high standards of living? Why?
● Which country/ies have low standards of living? Why?

● Describe 3 ways Australia is similar to an emerging or developing country?

● Describe 3 ways Australia is different to an emerging or developing country?

● Describe 3 ways Australia is similar to a developed country?

● Describe 3 ways Australia is different to a developed country?

● Outline 3 key features of a developing/emerging country.

● Outline 3 key features of a developed country.
●
 STATISTICS
Economic Indicator AUSTRALIA Developing/emerging tradi Developed trading partn
ng partner er
______China________
______USA_________
Inflation 7%(2022 dec quarter) 2.0% (2022) 2.97%
6%(second quarter 202 Average 4.9% (1987-2022) 9.06%(2022)
3) Average long term 3.28%
Unemployment 3.5% (june 2023) 5.2%(second quarter 2023) 3.57%(2022)
6.1% （4.2022） 4.83%（2021）
8.05%（2020）
Gross Domestic Prod Gdp : 3.62%(2022 Gdp : 3% (2022) Gdp: 2.1% 2022
uct (GDP) 2.24%(2021 8.1% (2021) 5.9% 2021
-0.05%(2020) 2.2% (2020) -2.8% 2020
Real GDP (accountin
g for inflation) Real gdp: Real gdp: Real gdp ;
1675.42billion usd (2022) 18.1 trillion usd (2022) 2021-2022 2.1%
GDP per capita (or p 1.553 trillion usd (2021) 17.73 trillion usd (2021) 2021 5.9%
er person) 1.327 trillion usd 2020 14.69 trillion usd (2020)
These measure econ gdp /capita: Real gdp / capita:
omic growth. 61224 usd 2023 Real gdp/capita: 76398.6 usd 2022
60797.96 usd 2022 12732.547 usd dec 2022 70248.63 usd 2021
12615,732 usd dec 2021 63530,63 usd 2020
10409.993 usd dec 2020
Education and litera Literacy : Literacy rates Literacy rate:
cy rates 44% (1-2) 99.83% (2021) 79% 2022
38%(3)
15% (4-5)
Education:
63% 15-24 2022,19,20
65% 2021
Health measures suc Life expectancy: Life expectancy ; Life expectancy:
h as life expectancy, 83.79 year 2022 77.47 2023 76.4 2023
maternal mortality, i 83.64 year 2021 77.30 2022 76.1 2022
nfant mortality etc 83.20 year 2020 77.13 2021 Maternal mortality:
maternal mortality: Maternal mortality: 733 2022
5.5/10000 (2020) 16 15.7/10000 2022 Infant mortality:
Infant mortality: Infant mortality: 5.48/1000 2023
2.732/1000 2023 4.9/1000 2022 5.547/1000 2022
2.807/1000 2021
Environmental susta 43% below 2005 (2030) 65% below 2005 (2030) Net zero emission
inability such as car
bon emission targets

Human Developmen 0.951 2021 0.768 2021 0.929 2021

t Index (HDI) 0.947 2020 0.76 2020
0.941 2019 0.76 2019
Happiness Index 7.09 2022 5.585 2022 (72* 6.89 2022
7.16 2021 5.339 2021(84* 6.98 2021
7.18 2020 5.124 2020(94* 6.95 2020

Any other measures

that you think are rel
evant and appropria
te

Examine the effects of trade on Australia(refer to 3 media articles to support your answ
er)
● Economic growth
-
● Export - orientation
● Exchange rate
● Employment and labour market
● Foreign investment
● Standard of living
● Environmental effect
● Gdp
● Positive / negative effects
● short/long term

Trade has significantly and multifacetedly affected Australia's economy and society. As
a geographically isolated country heavily reliant on international trade and for its econo
mic well-being, its engagement with global markets has played a crucial role in shaping
various aspects of its development. Trade has been an essential driver of economic gr
owth and development in Australia for many decades.

Trade is central to the Australian economy, which benefits significantly, with one in five
workers engaged in trade-related activities. Australian exports represent over 20% of G
DP. Some economists worry Australia's export profile may lack diversity and sophistica
tion, potentially exposing the economy to trade tensions and global commodity price flu
ctuations.
However, Australia’s export profile often also has significant upsides for government bu
dgets and economic growth.

The Centre for International Economics estimates that Australia's liberalisation of merc
handise trade has increased GDP, real wages, and exports, resulting in an estimated $
8,448 higher average family income. Research by CIE (2018) shows lower-income hou
seholds gain more from liberalisation, highlighting Australia's prosperity relying on free t
rade, open markets, and liberal international order. Therefore, trade increases jobs, wa
ges, and living standards and reduces risk.

Global trade disruptions have occurred in recent years,the COVID-19 pandemic further
exacerbated and an economic slowdown in China. These disruptions will depress both
demand for Australian goods and global commodity prices .
with simple value chains now accounting for 30% of global trade. Around 70% involves
global value chains, with protectionism causing a slowdown in trade from 60% to 54%
between 2011 and 2016. Australia has experienced a complete reversal in its current
account deficit over the past five years. This shift began before the pandemic and has c
ontinued over the last two years. Between December 2019 and February 2022, goods
exports increased from $32.1bn to $44bn, while imports increased from $26.4bn to $35.
4bn. On the services side, services exports fell from $8.77bn to $5.5bn, while imports f
ell even further. The most recent trade balance reached $7.5bn, a peak of $13bn in Jul
y 2021. Saving and investment have increased as a share of GDP over the last few ye
ars.
Iron ore, coal, and natural gas are Australia's top 3 exports. As the mining construction
boom ended, foreign direct investment declined, with less reinvestment by mining com
panies and increased portfolio equity outflows. Australia's current account surplus has i
ncreased due to high commodity prices, with exports of iron ore, coal, and natural gas
contributing $154.4 billion, $63.5 billion, and $49.8 billion, respectively, in 2021, with so
me positive flow-through to the broader economy and Australian Government revenue.
Australia's current account surplus indicates it has become a net lender to the rest of th
e world, with net foreign liabilities at 37% of GDP, the lowest level in over 30 years.

China remains the largest trading partner, accounting for over 40% of goods exports an
d a trade surplus with China. However, geopolitical rivalry and increased tariffs on good
s and services may derail trade. Supporting domestic mineral and manufacturing projec
ts could reduce reliance, but reduced trade could impact living standards and increase t
ransportation costs.

The OECD grouping of 38 advanced economies is the biggest trading partner, with bila
teral trade totalling $327bn in 2020. Resources dominate exports, with iron ore, coal, a
nd LNG Imports are more diversified, with imports from OECD countries nearly 60% hi
gher than China's and 60% of services imports. Capital inflows have declined since the
GFC, and OECD economies, including the US, UK, Europe, and Japan, have accounte
d for most foreign investment in Australia over the past decade.

Trade has had a profound impact on Australia's economy and society, contributing to e
conomic growth, job creation, and a higher standard of living, While it has provided sign
ificant benefits, it also poses challenges that require thoughtful policy considerations an
d strategic management.

Bibliography:
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