Economic Goals • National economic goals are the aims that Australia sees as being economically important and hence seeks to achieve. • The ultimate objective for the Australian government is improve material and non-material living standards by achieving five goals.
Economic Goals • The goal of full employment • The goal of low inflation • The goal of strong and sustainable economic growth • The goal of equity in personal income distribution • The goal of external stability
Economic Goals • For each of these economic goals we will examine the following: • Their meaning, target and measurement • Impact the achievement of the goal has on living standards • Impact of failing to achieve the goal has on living standards. • How successfully (or not) they have been achieved over the past 4 years • The AD and AS factors which have affected their achievement • The economic relationships between these goals.