Angela Nicoska

AUSTRALIA
GENERAL INFORMATION
Location: Located south of the equator, 27 0' 0" S / 133 0' 0" E Capital: Canberra Population: 22 million people Surface Area: 7, 692 thousand sq km Head Of Government: Prime Minister - Julia Gillard

CHINA
Location: Located in Southeast Asia along the coastline of the Pacific Ocean, 35 0' 0" N / 105 0' 0" E. Capital: Beijing Population: 1,351 million people Surface Area: 9, 561 thousand sq km Head Of Government: State Council Premier Mr Wen Jiabao

David and Jo-Ann Palmer.. 2010. General Info About Australia. [ONLINE] Available at: http://www.bigvolcano.com.au/info/general.htm. [Accessed 17 February 12]. unknown. 2012. Travel Math. [ONLINE] Available at: http://www.travelmath.com/country/Australia. [Accessed 17 February 12]. Australia has a small economy with a population of 22 million people. Ranked fourth largest economy within the Asian economic region. Member of the group 20, been the most significant thing in the world in 2009, grouping major economies. GDP growth per annum: 1.8% Real GDP per capita: Response to GFC : October 2008: Kevin Rudd announced a stimulus package that was said it will guarantee bank deposits due to the recession being faced. Stimulus package one included $10.4 billion worth. Payments to

unknown. 2012. Travel Math. [ONLINE] Available at: http://www.travelmath.com/country/Australia. [Accessed 17 February 12].

ECONOMIC GROWTH

A larger economy with a population of 1,351 million people. One of the two largest economies of Asia also including Japan. Member of the group 20, been the most significant thing in the world in 2009, grouping major economies GDP growth per annum: 9.6% Real GDP per capita: Response to GFC: November 2008: introduced $586 billion worth of stimulus in order to encourage the economic growth of the country, to maintain a growth of 8%. The influence of globalisation has allowed China to

Angela Nicoska
carers, families and seniors. February 2009: A second and larger stimulus package was introduced of $47 billion to have a larger impact on the boosting of the economy. This was divided between schools, new homes, insulation of homes, road repairs and infrastructure, small business tax breaks and cash bonuses for every tax payer who earned less than $80,000, maintain economic growth between 8% an 10% in the 1990s and 2000s.

QUALITY OF LIFE

Dixon and O'Mahony, T.D and J.O, 2011. The Market Economy. 1st ed. Australia: Pearson Australia. Page 38 Canstar. 2009. GFC. [ONLINE] Available at: http://www.canstar.com.au/global-financial-crisis/.. [Accessed 17 February 12]. HDI rank, out of 187 countries: 2 Human Development Index: Life expectancy at birth is equal to 81.9 years. Mean years of schooling: 12.0 GNI per capita: US$ 34, 431 HDI = 0.977 (2010) Dixon and O'Mahony, T.D and J.O, 2011. The Market Economy. 1st ed. Australia: Pearson Australia. Page 38 UNDP. 2011. HDI. [ONLINE] Available at: http://hdrstats.undp.org/en/countries/profiles/AUS. html. [Accessed 18 February 12].

GeoHIve. 2012. Population Statistics. [ONLINE] Available at: http://www.geohive.com/. [Accessed 18 February 12]. ChinaAbility. 2010. GDP growth in China 1952-2011. [ONLINE] Available at: http://www.chinability.com/GDP.htm. [Accessed 18 February 12]. Riley, T.R, 2011. Economics 2012. 1st ed. unknown case study booklet: Tim Riley Publications. Page 85

HDI rank, out of 187 countries: 101 Human Development Index: Life expectancy: have a 3.5% greater risk of dying in infancy. Life expectancy at birth is equal to 73.5 years Mean years of schooling: 7.5 years GNI per capita: US$ 7, 476 HDI = 0.663 (2010)

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UNDP. 2011. HDI. [ONLINE] Available at: http://hdrstats.undp.org/en/countries/profiles/CHN.h tml.. [Accessed 18 February 12]. If It Were My Home. 2012. Compare Australia to China. [ONLINE] Available at: http://www.ifitweremyhome.com/compare/AU/CN. [Accessed 18 February 12]. Riley, T.R, 2011. Economics 2012. 1st ed. unknown case study booklet: Tim Riley Publications. Page 87 Dixon and O'Mahony, T.D and J.O, 2011. The Market

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Economy. 1st ed. Australia: Pearson Australia. Page 38

EMPLOYMENT AND UNEMPLOYMENT

Unemployment rate: 5.0% Standardised World Income inequality database shows that Australia is 33.5% more equal to those that distribute income to poorer groups on the Gini Index. Unemployment was at its peak during the 1990s because of a brutal recession, resulting with great unemployment due to the deficiency in skill and technique in regards to the advances of technologies and production systems. Due to the sustainability of economic growth st at the beginning of the 21 century the unemployment rates dropped. o

Unemployment rate: rising from 4% in 2002 to over 5% in 2009. Now it is equal to 5.6% Standardised World Income inequality database shows that China is 44.0% and is less equal to those that distribute income to poorer groups on the Gini Index. Employment: 25% greater of being employed. China is trying to keep the GDP close to 8% which is the level that keeps unemployment rising too fast. Due to the reduction in the economic growth rate from the GFC in the past years unemployment has risen to over 5%.

Dixon and O'Mahony, T.D and J.O, 2011. The Market Economy. 1st ed. Australia: Pearson Australia. Pages 150- 151 o

If It Were My Home. 2012. Compare Australia to China. [ONLINE] Available at: http://www.ifitweremyhome.com/compare/AU/CN. [Accessed 18 February 12]. Riley, T.R, 2011. Economics 2012. 1st ed. unknown case study booklet: Tim Riley Publications. Page 96 Standardised World Income inequality database shows that China is 44.0% and is less equal to those that distribute income to poorer groups on the Gini Index. Incomes are greater in the Southern and Eastern urban areas in comparison to the northern and western rural areas, per capita Inequality is present between the coastal and inland areas. Employment and income opportunities are

DISTRIBUTION OF INCOME

Standardised World Income inequality database shows that Australia is 33.5% more equal to those that distribute income to poorer groups on the Gini Index. Australia is just above of $40,000 in regards to the quality of income distribution. Standardised living was assosciated with the wealth of Australia divided by the population of the people (per capita GDP) income distribution along with crime rates, educations and natural

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disasters are considered to be Human Development Indicators. greater within the coastal region. (Beijing, Shanghai and Shenzhen) The national incomes in the metropolitan and coastal region are on the annual growth average of 13%. In the north western region known as Tibet we see the lowest ideals for life expectancy and education. Only certain sections of China will attain the Millennium Developments Goals, where as the inland areas are left behind in income, education and health.

Dixon and O'Mahony, T.D and J.O, 2011. The Market Economy. 1st ed. Australia: Pearson Australia. Page 35

ENVIRONMENTAL SUSTAINABILITY

Thought to have high superiority in environmental sustainability in comparison to other economic regions. Less water, less pollution, more national parks, cleaner environment and further efficient industrial processes As Australia is an industrialised environment the sustainability is fairly poor. The Government ICT sustainability plan dated 2010-2015 is centred on the efficiency of utilising resources and advance in the reduction of the environmental impact of the ICT operations.

Dixon and O'Mahony, T.D and J.O, 2011. The Market Economy. 1st ed. Australia: Pearson Australia. Pages 40-41

Dixon and O'Mahony, T.D and J.O, 2011. The Market Economy. 1st ed. Australia: Pearson Australia. Page 35 Has created immense environmental damage. High levels of pollution, intoxicated river systems with extensive health problems due to exposure. Sustained growth rates between 6% and 8% within the economy. The rapid economic growth rate as allowed high amounts of resource and environmental degradation. The government commissioned the OECD to carry out a study on the environment in the year 2007. The outcome on results clearly advised that if all pollution does not stop by the year 2020 it will result in severe consequences such as death. The report stated that China had lost up to 7% of annual GDP due to the pollution which is looking to rise to a 13%. China contributed to 16% to the Global Carbon Dioxide Emissions in 2003 to the total of 51% Dixon and O'Mahony, T.D and J.O, 2011. The Market Economy. 1st ed. Australia: Pearson Australia. Pages

Angela Nicoska
40-41

THE ROLE OF GOVERNMENT: HEALTH CARE EDUCATION WELFARE PAYMENTS

Always had more in common with the Market Economy in key areas such as, agriculture, mining, construction and manufacturing, Policies such as deregulation and privatisation have reduced the role of the Government of owned Government businesses. The 2011 Index Of Economic Freedom rated Australia to be the third free-est economy in the world. The percentage of GDP spent by the Government and collection of taxation revenues in different to those in other countries. In 2011, Government expenditure was recorded to be 37% of the GDP. 5.6% GDP is allocated to Public health 4.4% of GDP is allocated to education.

The World Bank has aided china to create and develop a vocational education to enhance the system and meet demands of students also including the labour market. China is a part of the Planned Economy and has a reduced government control over economic decision making, also market forces of supply and demand have a higher impact playing in the role. 2.3% of GDP is allocated to health 2.0% of GDP is allocated to education

Dixon and O'Mahony, T.D and J.O, 2011. The Market Economy. 1st ed. Australia: Pearson Australia. Pages 40-41

Dixon and O'Mahony, T.D and J.O, 2011. The Market Economy. 1st ed. Australia: Pearson Australia. Pages 40-41