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External Stability

TermDefinition
Goal of external stability is a desirable economic situation where Australia is able to pay its own way in its international financial transactions and live within our means as a nation, indicated by a small CAD:GDP ratio of 3-4%, a sustainable NFD and a steady AUD.
Terms of trade index measures the ratio of average prices received for exports relative to the average price paid for imports.
Current Account Deficit is where the total value of debits exceed the total value of credits in the current account.
Current Account records international transactions between Australia and the rest of the world. Includes; exports and imports of goods and services, and net primary and secondary incomes.
Trade Weight Index a measure of the Australia exchange rate. It represents the value of the AUD against a basket of foreign currencies weighted according to their relative importance to Australia's trade.
International Competiveness involves local firms and producers being able to compete with rivals and competitors from overseas without government protection.
Net Foreign Debt is the difference in value between what Australia has borrowed from and owe overseas minus what Australia has lent or invested overseas.
Tariff sn indirect tax added onto the price of imports to make those imported goods more expensive
free trade agreement are agreements between 2 or more countries where tariffs, subsidies, import quotas and restrictions on the free flow of money capital are removed.
Free Trade exists when no restriction are in place to alter the international flow or movement of goods, services and capital between counters.
Subsidies is a cash payment by the Government to local producers to help reduce their production costs and selling price, making them more competitive against imports.
Import Quotas is a Government restriction on the quantity of particular goods which can be imported.
Trade protection is a Government policy that involve using high tariffs, import quotas and subsidies to local producers to support local industries so that it can compete with imports.
Balance of payments is an annual statistical record of the money value of both current, and capital and financial transactions between Australia and the rest of the world.
Created by: sarah5930
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