13.4 policies to improve living standards (Microeconomic Policy (Labour…
13.4 policies to improve living standards
Key economic goals- government intervention in the economy
Key economic goal of many countries as higher living standards leads to stronger and more prosperous nation and a stronger & more prosperous nations in turn maintains a higher living standards.
Definition: Economic policy that affects the whole nation.
Definition: The government's management of the federal budget, adjusting expenditure and tax rates to influence the performance of the economy.
Types of Budget
Social security &welfare
Defending the country
Foreign affairs & aid
Government superannuation benefits
Assisiting indigenous Australians
Infrastructure such as the Nation broadband network
Income tax - Part of an employees income paid to the commonwealth government
Fringe benefits - tax on benefits an employees receive in addition to their salary such as a car
Superannuation taxes - Tax on retirement funds (super)
Company tax - tax on company profits
Sales tax - tax imposed on goods & services & other items sold or consumed in Australia.
Fuel excise - Tax on the sale of fuel
Customs duty - Change imposed by Australian customs and border protection on goods imported in Australia.
Definition: actions by the Reserve Bank of Australia that affect the money supply and interest rates.
Change in Interest Rates
Affects living standards. If interest rates rise, demand on goods and services may be curbed
Definition: A policy that affects a particular company, industry or market
National Competition Protection
Reducing or elimination government power in an industry to promote better competition In that industry.
Removal of government regulation (rules) in a certain area of the economy.
The movement of people from one place in the world to another to I've permanently or temporally
Actions that need to be taken to manage the economy
Training & Workforce Development policy
Refers to the peace who work or are available to work in a particular area, which could be a region, state, nation or a particular industry