A number of measures had been taken by the Australian Stock Exchange who did the amendment of its authorized product list in order to do the prohibition of the naked short sales which had not been allowed under the Corporation Act, 2001. One of the key reasons for the strong performance of Australia during the situations of Global Financial crises was its bilateral trade and investment relations with many nations. There had been an expansion of two way trade which was being taken place between Australia and China. This has led to the great benefits for the households and the manufacturing sectors of Australia which may be dependent on some of the cheaper price imports (Shin, 2009). As a result of the foreign trade some other benefits have been addressed. Other than China, Australia had strong trade relations with the trading partners of European Union and the United Kingdom. In order to overcome the Global Financial Crises in an effected manner, Australia stepped further and entered into long term trade agreements with the companies in Asia. Because of the strong trade relations, there was not much reduction in the export volumes and the products which had been exported from Australia continued to attract more and more markets in different parts of the world.
Due to the strong trade relations of Australia with Asian and European nations there was a marginal decline in the number of exports. Only 1.9 % of the total export had been declined in Australia before growing again. The East Asian economies had played a pivotal role in the management of Australian economy. Around 45 % of the exports of Australia are bought by India, China, Japan and South Korea. Some of the vast export items included the coal, iron, gold, petroleum and other important minerals.
Contrary to the decrease in the foreign trade in other parts of the world, Australia observed a growth of around 0.7 per cent during the years of 2008-2009 with the total export of around 74 % from the mining sector output. Another role played by the foreign trade was in the property sector (Obstfeld & Rogoff, 2009). The overall rise in properly was more than $ 30 trillion. This was an increase which is nearly equal to the 100 per cent of the combined GDP of other developed nations. This further helped in creation of the stabilization in Australia.
Global Financial Crises was one of the most significant and unwanted events which the different nations had to face for more than a year. The economies of many nations have been completely ransacked because of the crises. This situation of crises had also impacted the economy of Australia in its initial phase. However because of the efforts of the financial and federal bodies of Australia there was a minimum impact of global financial crises on Australian economy. It was ascertain that the federal government of Australia played a very important role in ensuring that the Global Financial Crises does not hampers the economy of Australia. In this research, the discussion has been done on the role of federal government of Australia, the Reserve Bank of Australia (RBA) and the foreign trade in controlling the impact of Global Financial Crises in Australia. There has been an initial analysis on the impact which the GFC had on Australia, the immediate measures taken by the government and the Reserve Bank of Australia. In addition to this, the role of foreign trade in minimizing the impact of GFC has been discussed.
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