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The assignment on “Australian Economy Global Financial Crisis” are given below and this assignment comprises of answers of the questions asked in the assignment.
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PART. 1 Microeconomics
- The market structure for the Australian banks is oligopoly. This is mainly due to the collective share of top banks in the market as well as the range of their credits, loans and deposits. The market condition, i.e. oligopoly focuses on few interdependent firms. In this situation natural and legal barrier are created to restrict the entry of other firms. Australian banks depend on each other; hence price level is decided. Global financial crisis has affected this market competition by altering their size of output, deposit level and capital management. Banking is also affected due to corporate governance and hence creditors have altered their behaviors regarding fund deposits (Editorial, 2014).
- The four largest banks in Australian economy are Westpac, National Australia bank, Commonwealth Bank, and Australia New Zealand Banking Group. If these biggest four banks collude and start charging higher price on banking products, the demand and supply structure will alter (King, 2016).
From the figure, it is clear that when price increases from p1 to p2, demand curve will shift from left to right, D1 to D2. This will also change the level of quantity demanded from Q1 to Q2. It will only happen if demand will increase, while in case when no change occurs in demand and price charged by banks increases, the level of quantity demanded will decline, as shown in figure below:
- The increase competition in the banking sector is managed by government. For instance, if Australian banking system is facing high level of competition, government will also face issues in corporate governance because shareholders will be protecting their liability. This will make creditors and depositors to reduce their risk-taking criteria and as shown in figure above, demand will reverse back (PICKERING, 2014). Short term problems for banking will appear and shareholders will no longer receive incentives to keep their credits at bank.
PART. 2. Macroeconomics
- The discretionary fiscal policy aims at changed level of spending by government to meet economic objectives. The discretionary fiscal policy can act countercyclical when tax rate is increased in the boom period and government spending is decreased. On the contrary, in the recession, tax rates are reduced while spending is increased by government to support the aggregate demand.
This AD-AS model represents level of Gross Domestic Product at X axis while price level at Y axis, increased level of demand in long run aggregate supply shows increased level of output.
- In 2014, in light of above sources, it is clear that Australian economy was operating at full level of employment. Some of its main reasons are economic profits, efficiency level of banks and increased output level. These conditions increased the level of interest and confidence of shareholders. The business cycle in this regard was in boom phase that shows full level of employment.
The situation can be seen in this figure, where aggregate demand and supply reflects the condition of economy working at full level of employment, while any change in demand can reduce or increase the level of output, by altering the price level.
- The fiscal policy in this situation government is pursuing is expansionary. In the expansionary fiscal policy, the aggregate demand is boosted with the help of increased government spending and government attempts to cut the tax level. As seen from figure below:
The boom period is characterized under expansionary fiscal policy, while economy is operating at full level of employment. In this figure, long run aggregate suuply curve is shown by LRAS while aggregate demand is given by AD. Vertical LRAS shows full level of employment in the economy and any changes in aggregate demand cause price level to increase, hence output level also moves from Y1 to Yf that means economy is working at full level of employment.
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