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Australia is one of the largest and wealthiest nations in this world and experiences mixed economic structure with constant growth of economy. The Global Financial Crisis of 2008 could not disturb the economic flow of this country significantly (Ellis 2018). Australia consists with number of states and Victoria is one of them. The capital of this state is Melbourne, which is one of the most populous cities in Australia. The city is highly developed from various aspects like education, health, entertainment and tourism and so on. Hence, this report will discuss about gross domestic product (GDP), labour market and price level movements of this country with the help of statistical data along with hosing price index of Melbourne.Current Event:The total number of population in Australia has increased by 25 million in the beginning of August 2018. The chief reason behind this increasing number of population is high rate of immigration. As a result, Australia has become one of the multicultural developed countries across the world (Ft.com. 2018). However, this increasing population has created public concerns regarding the availability of houses and other infrastructure. The above figure has represented net migration in Australia over the years. According to this figure, it can be said that the number of overseas arrival has remained high compare to that of overseas departure. This huge number of immigrated people has increased the labour supply of this country. Moreover, they have demanded houses for purchase or rent and this in turn has increased the price of this durable item. Housing prices in Melbourne and Sydney has increased drastically. Thus, the policy makers of this country have experienced various difficulties regarding employment generations, minimum wage rate and a stable housing market. Consequently, the government has implemented proper housing policies and other property related policies to reduce the increasing price within this sector, as this can generate inflation within the market.
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