Chapter 11: Australia
Australia has a population of 21.5 million and a liberal democratic system of government. In May 2011 it was rated as one of the best-performing economies in the developed world. With a satisfactory macroeconomic situation in the current global context, government debt the second lowest of all advanced economies, and relatively low unemployment, a return to budget surplus was predicted in 2012–13. It has emerged from the global financial crisis in good shape, due in part to its strong resources trade with China. Australia has a strong competition law, well-developed competition policy and a significant ongoing commitment to markets and competition. This chapter considers the impact of competition law and policy on the Australian jurisdiction in the context of its particular political, legal and economic circumstances.
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