The most important objective for Australia is that we must generate wealth, but also to share it equally. If we become a society which is wealthy but very unfair, the gap between the rich and poor will grow to mammoth proportions. It is well established that an economic imbalance in society leads to social consequences which are economically and socially draining on society. In the 21st century its wise to devise economic and social policies which ensure a productive society is fair, this is what the labour party hopes to achieve.
             Governments, as the elected economic and social representatives of the people, are responsible for determining and pursuing the economic and social objectives of the nation. To effectively accomplish this, governments rely on macroeconomic policies such as fiscal policies, monetary policies and prices and income policies which all aim to achieve a state of internal and external balance within the nation's economy. This internal balance can be defined as a rate of economic growth which is compatible with full employment and minimal inflation.# Whilst its counterpart, external balance, can be defined as a situation where a nation can meet its financial obligations to the rest of the world at the same time as maintaining its currency with a stable international value which reflects the economic performance of the economy.#
             Based on these tactics for dictating the economy, the upcoming election can be taken into view. Whilst at this stage, the popularity polls dictate that it is to early and to close to call as to who will win, it is the firm belief of this correspondent that the Labour party is by far the superior candidate and will take victory in the next election.
             When looking at fiscal and monetary policies of both Liberal and Labour parties, the primary difference can be seen in their stance on Health, Education, Industrial relations, Privatization and foreign affairs (to an extent) and general ...