Contemporary Economic Policies and Issues in Australia

[Extract] Australia and the rest of the world find themselves in deeply challenging times. With the spread of globalisation, nations have become more entwined and individual events in a single country can have major impacts on individuals, businesses and governments throughout the world. Globalisation is seen by many as primarily an economic phenomenon, involving the increasing interaction or integration, of national economic systems through the growth in international trade, investment and capital flows. However, it also involves a rapid increase in cross-border social, cultural and technological exchange. The underlying forces behind these changes are largely economic and political.