Question

In a developed country such as Australia, what will be the major determinant of the growth in future living standards?

Answer 1

• A major goal of policy in Australia
• To improve the level and sustainability
• Of living standards of Australia
• Income is the important
• Determinants of living standards.
• Increasing real income
• Allow people
• To buy goods and services.
• Save and invest.
• Tax revenue is available
• To provide
• Government services and income.
• Income growth has been shared
• Across the population in Australia.
• Household across the income distribution
• Experiencing rates of income growth.
• This income growth has contributed
• Higher living standards
• And relative to other countries.
• Education levels and quality of
• Urban Environment
• Improved over the past decade.
• In comparison with other countries,
• Australia have the high standard of living
• Shared equal across the community.
• In 1980,'s to early 2000's
• Led to improvements in the
• Economy's productve capacity.
• Competitiveness of businesses
• Greater openness.
• Overseas market and capital.
• Reflects behavioral responses.
• To policy changes
• Employer and Employees have greater flexibility.
• To negotiate income gains.
• Better skilled participation in the workforce.