Premium
Economic Activity and Fiscal Policy in Australia:A Survey and Critique *
Author(s) -
NEVILE J. W.
Publication year - 1980
Publication title -
economic record
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.365
H-Index - 42
eISSN - 1475-4932
pISSN - 0013-0249
DOI - 10.1111/j.1475-4932.1980.tb01684.x
Subject(s) - economics , inflation (cosmology) , fiscal policy , unemployment , macroeconomics , inflation rate , monetary policy , unemployment rate , state (computer science) , economic policy , nairu , monetary economics , physics , algorithm , theoretical physics , computer science
In 1979–80 the rate of inflation in Australia was greater than in the previous year and, despite the highest rate of growth of real non‐farm output for three years, the number unemployed was greater at the end of the year than at the beginning. This article reviews the current state of the economy and looks at the prospects for 1980–81. In the light of the apparent failure of macroeconomic policy that this review reveals, it discusses the basic strategy of policy, with particular reference to fiscal policy, and considers the extent to which it would be possible to improve the performance of the Australian economy with respect to unemployment and inflation by a change in macroeconomic policies.