Economics
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Exercise 3
- Benefits of free trade for the Australian economy
include:
- increased export sales which helps to reduce the
current account deficit promoting a stronger industrial
base
- greater access to imports has benefits consumers and
businesses by widening the choice of products
available
- increased overall employment levels as resources are
used more efficiently
- improved living standards and quality of life for many
Australians
- more trade liberalisation in the past decade that has
resulted in savings of $1 000 per year to the average
Australian family
- gains from trade liberalisation that to date amounts to
nearly 1.5% of GDP
- export industries paying more to workers and selling
more per worker than non-exporters
- access to a larger markets meaning businesses can sell more, earn more profits and pay higher wages.
- increased export sales which helps to reduce the
current account deficit promoting a stronger industrial
base
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