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Economics Newspaper Analysis

In: Business and Management

Submitted By jtrau
Words 621
Pages 3
Inflation, Interest Rates, Unemployment
& Economic Growth.

The two enclosed newspaper articles from the Sydney Morning Herald deals with certain economic issues in Australia. Economic issues or problems that Australia is currently facing are inflation and interest rates, economic growth, the impact of the overseas sector and the level of unemployment. In the first newspaper article, “Jobless fall sparks fears on inflation” is generally about the level of unemployment in Australia which could possibly lead to inflation and rises in interest rates. The second article taken from the Sydney Morning Herald website, “Australia's economic growth to slow: UN” is concentrated more on economic growth in Australia though it does entwine with issues of inflation and the level of unemployment.

“Jobless fall sparks fear on inflation” tell us that the unemployment rate has dropped to a “33-year low” of 4.1% in the last couple of months. The article also informs us that nearly 27 000 jobs were created causing a “record-busting of 15 consecutive months of job gains”. “Australia’s economic growth to slow: UN” similarly elucidates that “full-time employment increased, with the unemployment rate at historical lows, while labour participation was at a record high.” A possible yet common factor that causes a decrease in unemployment is economic growth. Unemployment is defined as the state in which a person is without work, available to work, and is currently seeking work. Economic growth is defined as a sustained increase in values of goods and services in a nation. When the level of economic growth in an economy is high, firms and businesses need more labour as they need to meet the demands of consumers, thus leading to a reduction in unemployment numbers.

As the economy approaches full employment output, businesses are operating at close to full capacity. The...

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