Australian Business Cycle and the Macroeconomic Environment

Section 1: The Australian Business Cycle
Overview of the Australian economy
The Australian economy over the past 15 years has been relatively stable having the ability to ignore various crises that have effected the world to date, such as the Asian financial crises since 1997-1998, Japans slow growth and the American economies 'dot com' bust. Other things include the employment rates have been at its lowest for 30 years, insignificant amounts of government debt and constant budget surpluses (The economist, 2005, p2). …