Balance of payments
Date Submitted: 02/04/2004 04:07:53
Category: / Business & Economy / Economics
Length: 2 pages (621 words)
Category: / Business & Economy / Economics
Length: 2 pages (621 words)
Balance of Payments Essay
The balance of payments is a record of transactions between a country and the rest of the world. It is broken up into 2 different accounts - the current account and the capital and financial account.
The current account is record of all transactions australia has with other countries with regards to goods/services, the income balance and current transfers.
The income balance refers to profits earned by Australian companies overseas, dividends …
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…that borrowers don't have to look overseas for loans.
Encourage exporters - give them tax incentives to better out balance of trade.
Encourage and allow lots of highly skilled, wealthy immigrants into the country.
Diversify our export base so we are not heavily reliant on primary goods which are susceptible to weather and their price is falling slower than manufactured goods.
Make more trade negotiations and agreements (WTO)
Promote tourism - there are no debits.
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