The economy does not always run freely, competitively and in the best interest of the economy as a whole. Therefore the government must avoid monopoly in the economy and enable consumers the sovereignty that is necessary. There is substantial competition in key areas such as transport, telecommunications, electricity and gas. It is a highly open economy with very low barriers to trade and investment.
National competition policies are placed in order to avoid oligopoly and producer sovereignty. An example of the Australian government trying to avoid monopoly and oligopoly within the economy is allowing consumers to choose their gas, lighting and electricity providers.
This action by the government ensures consumer sovereignty. Australia has a comprehensive economic policy framework, with a sound, stable and competitive institutional structure. It also has a system of very prudential regulations. APRA Australian Prudential Regulation Authority is the prudential regulator of banks, insurance companies, superannuation funds, credit unions, and building societies.
They are concerned with the provision of efficiency and competitiveness in the Australian economy. Economic management is affected by decisions made through The Reserve Bank, and monitoring policies regarding unemployment and interest rates. The government also intervenes by subsidising tariffs, and provides regulations to prevent exploitation.
The ACCC Australian Competition and Consumer Commission is the body responsible for enhancing the welfare of Australians through the promotion of competition and fair-trading as well as provisions for consumer protection.
Governments can legislate to ban products, which are deemed undesirable to ensure safety standards. The government also intervenes in distribution of output income because the free market may not necessarily provide a socially fair distribution. There are two ways:. Progressive Income Tax- higher income earners pay proportionally more tax than low-income earners. A market economy is subject to the fluctuations of the business cycle, therefore the government intervenes through implementation of macroeconomic counter cyclical policies.
Its main function is monetary policy, where it tries to achieve low and stable inflation over the medium term. The RBA has a powerful influence on interest rates, which affect economic activity via a number of mechanisms. They can affect savings and investment behaviour, the spending behaviour of households, the supply of credit, asset prices and the exchange rate, all of which affect the level of aggregate demand.
In conclusion the government leaves the market forces to its own will but the government will intervene and act as a provider, regulator and controller. Through policies created, the government can intervene to affect the operations of free market forces, in order to decrease the economic problem and increase economic prosperity in Australia. Characteristics of a market economy include: Freedoms of enterprise- individuals have the right to use their resources as they choose.
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