The Australian Government and Reserve Bank Assignment

The Australian Government and Reserve Bank - Assignment Example The main purpose behind the development of such type of an economy is to ensure the availability of opportunities for every Australian citizen for their future success (Key Achievements, n.d). The Reserve Bank of Australia started operating as the central bank of Australia on 14th January 1960. The main purpose of the Australian Reserve Bank is to â€Å"conduct monetary policy,† maintaining a strong economic system and issuing currency of the nation (Reserve Bank of Australia, 2011). The paper seeks to examine the performance of the Australian government and Reserve Bank of Australia in the past two with emphasis on their macroeconomic policies. How successful have the Australian Government and the Reserve Bank of Australia has been in running the Australian economy over the last two years? The time when most of the major powers like UK and USA were suffering due to the recession, the Australian economy was growing at a rate of 0.4pc in the first quarter of 2009 according to t he Australian Board of Statistics. There was even a rise in its GDP. Source: Keep Australian Government The only thing that might put the Australian economy at the backseat was the growing rate of unemployment and it needed immediate attention (Malkin, 2009). Thus when the Labor Party came into power it was expected from them to design their policies in such a way so as to bring more improvements for the economy and also reduce the rate of unemployment. In the department of health, the Gillard Government had signed a number of health reforms with all the States and Territories in order to secure the health of the Australians in the future. This agreement will be a boon for the economy as it will provide the funds required for the public hospitals, one can expect greater levels of â€Å"transparency and accountability† and less waiting for the patients. As a result of the above health reforms one can see that hospital funding has increased by over 50 percent. Around $ 1.5 bill ion have been injected in the emergency departments. Plans for the aged section of the population have increased by 10,000. In order to ensure availability of medical facilities in the rural areas incentives and bonuses are being given to the doctors (Health Reform, n.d). Though the health reforms were meant for the whole economy yet it lacked a â€Å"common architecture binding policy† attitude. Increasing health care costs have proved to be a factor responsible for lack of health care facilities among the indigenous Australians. Apart from that there has been the problem of lack coordination and content (Gillespie, 2011). The Gillard government has made efforts to make every school a great school because they believe that proper education is very important for increasing a person’s potential and also for increasing the wealth of the nation in future. Accordingly policies were designed in such a way so as to ensure uninterrupted flow of quality education. Funding for education continued, existing Education Tax Rebate was expanded; $3.1 million was to be spent in the next two years in order to establish National Trade Cadetships and many more (Schools Policy Analysis, 2010). As global warming as become an important issue all over the world, the Gillard Government has taken steps to ensure a safer environment for the Australians. The government’s Clean Energy Future Package is considered to be an important economic