Australia Amidst The Economic Dilemmas

in Economics
With all the things that are happening in Australia, business visa holders are getting worried that the country's economy might be affected. Thus, they are urging the Australian government to take action and come up with solutions to the country's economic problems.

It should be noted that Australia has one of the fastest growing economies in the world today. However, this does not mean that the country is free from any serious economic troubles. In fact, there are actually several matters that the country needs to resolve in order to maintain its current growth.

One of these major concerns here is with regards to a looming shortage of workers in the country. As one might have already, Australia has quite a small population (22 million) as compared to that of other developed countries. Thus, it has become heavily dependent on immigrant labor in order to sustain its current economic growth.

However, as a lot of people might have already known, the Australian government, through the Department of Immigration and Citizenship, have instituted several changes to its immigration policies. Officials said that these reforms are intended to cut down on the excessive numbers of people entering the country. But many economic analysts and business people are worried that such a move can take away the immigrant numbers for labor.

And during the elections held last August, both the contending Labor and Liberal Parties are actually pushing for reduction in immigration numbers. This added to the worries by business people that a labor shortage would be indeed imminent. Newly elected Prime Minister Julia Gillard was, however, quick to allay these fear. She then laid out her so called sustainable population plan. Here, she said that immigration cuts would still push through. However, she added that immigration intake would be carefully managed in order to better take on the needs of the economy.

Another issue of major concern for many businesses in the country is the imminent pull out of stimulus packages. These packages where handed out by the government to companies in order to sustain them during the financial crisis that hit the world in 2007. And with the world's economy now returning to normal level, many analysts are predicting that the government will pull out the support.

But not a few business are arguing that it might be to early to pull out the economic package. As it is, companies recover at different rates, which means that there are still those who have not yet completely returned. However, the government assured that it will carefully study the situation first before going on a pull out.

And this one is actually not the end of the economic worries that Australia has to deal with. As it is, while the country was indeed able to recover from the world crisis relatively scratch free, there are still a lot of things that needed to be dealt with in order to fully return to its normal economic levels. And this is something that the Australian government needs to work hard on.
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Australia Amidst The Economic Dilemmas

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This article was published on 2010/10/22