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During the 1970s, Australia experienced a mining boom, which resulted in a large volume of employment opportunities. As the existed laborforce was not sufficient to absorb employment opportunities, the government abolished WHITE AUSTRALIAN policy and adapted liberal migration policy allowing migrants from Non English Speaking countries based on a point system for skills and education. In the meantime, Australian governments under the leaderships of Mr Whitlam, Fraser, Hawk and Keating many socio economic reforms were taken place with a view to sharing or redistributing the advantages of mining boom. The social and philosophical thinking of Mr Barry Jones of Labour party contributed to redistribution of wealth through social benefits such education supports, unemployment benefits, sole parent benefits and many others.
However, mining boom in 1970s ended in late 1980s creating serious economic problems. Two visible economic disadvantages of mining boom were artificially increase in the foreign value of Australian dollar and increase in underline inflation rate resulted in the rise of interest rate to 17.5%. The increase in migrant intake without considering the immediate impact when the economy was weak increased the unemployment to 12%. The economic growth in 1990 was negative due to less productivity in public and private sector companies. The government encouraged micro economic reforms and privatization of public enterprises to payoff government debts and to generate efficiency in individual firms in different industry. Massive retrenchment in public and private sector directed retraining the workforce. Many migrants embarked to the country from Asian countries tremendously suffered without jobs and many people lost their houses without an ability pay loans. |
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楼主: 我爱猫眯
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发表于 13-7-2013 18:49:42
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