Economics in Other Countries

A detailed Summary of Economics in Other Countries

Economic divergence in Australia - it is an issue that I feel all Australians should be aware of and deal with, because if the gap is not bridged, then Australia's economic prosperity and social fabric will be under serious threat. Evidence of this divide is seen with the differences in unemployment rates and household income between the urban and rural regions. Australia's economy has sent inner-city employment levels through the roof - thousands of millionaires created each year by exploding real estate prices in Sydney and Melbourne have helped to feed a huge retail boom. This, however, goes only so far - there is a 'dark' side to our prosperity - Australia is experiencing a wealth divide, and areas in the bush and other rural communities are struggling for survival.

Evidence may also be found in the city, where suburbs a few kilometres apart differentiate enormously in terms of income and unemployment rates. Take the bush, for example, where

In terms of statistics, a huge contrast is evident with the unemployment rate in the Murraylands in South Australia at 11.3%, against the minute 2.9% in the inner-west of Sydney. This is underlying evidence of the variance between city and bush. The growing chasm may also be seen with the differences in household income, where in an area such as the Wide-Bay Burnett region in Queensland has barely half the household income of inner Sydney. It is predicted that during the next five years, many regions of Australia will struggle to achieve increases of household income of up to $1000, while the 'global' city segments of Melbourne and Sydney can expect increases of between $6000 and $8000, an enormous contrast. Such differences as these can be seen significant contributors to the 'Great Dividing Range' between the urban and rural areas. However, there are things being done to prevent such a contrast, and governments are continually considering regional

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Approximate Word count = 643
Approximate Pages = 3 (250 words per page double spaced)

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