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Contents 1. Introduction 2 2. Methodology 2 3. Economic Objectives 2 3.1 Economic Growth 2 3.2 Internal Balance 3 3.2.1 Full Employment 3 3.2.2 Price Stability 3 3.3 External Balance 4 3.4 Standard of living 4 4. Economic Indicators 4 4.1 Gross Domestic Product (GDP) 5 4.2 Inflation 6 4.3 Unemployment 7 4.4 Current Account Deficit 8 5 Macroeconomic Policies 9 5.1 Monetary Policy 9 5.1.1 Monetary Policy at work in our economy 9 5.2 Fiscal Policy 10 6.2.1 Fiscal Policy at work in our economy 11 5.3 Effectiveness of Australia's Policy Mix 12 6. Economic Outlook for the future 14 6.1 Coincidental Indicators 14 6.2 Leading Indicators 14 6.2 Indicators relating to government objectives 15 7. Conclusion 15 8. Bibliography 17 1. Introduction Australia has had one of the strongest economies in the world in recent years, more competitive, open and vibrant than ever. Australia's strong economic performance over the past decade has been rooted in strong growth, low interest rates and low inflation. It has also been the result of an aggressive and lively private sector, a skilled, flexible workforce, effective macro-economic management and on going micro-economic reform. This management and reform takes the physical form of government policies known as monetary...

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