Assessment- Responses to article
Article 1: "Immigrants advance Australian economy, but, what happens if we "close the door"? By Ian Verrender (from ABC news of 24th April 2017).
Access the article at the URL given above and answer the questions in the spaces below. Use full sentences and show all necessary working but do not use more space than is given here.Other references are not necessary but, if you do use any (for example,online economics glossaries) please list at least the URL of your source.
(1) Australia holds the world record for the nation that "has stayed out of recession the longest". Define recession and explain how it was possible, according to the article, for Australia to achieve this record.
(2) "Per capita GDP growth for Australia has never been much above 2%." State the latest available figure for growth of GDP per capital and compare the effect of that growth rate with a rate of 2%if each rate were sustained over a period of 15 years.
(3) The article claims that the "East coast is experiencing a housing bubble". Explain what this means and state where this issue happened before,highlighting the consequences.
(4) What recommendation would you give to the Australian Government regarding its immigration policy? State at least two economic reasons to support your point of view and carefully back up your reasons.