KEY ECONOMIC CHALLENGES FACING AUSTRALIA IN 2015

(Maximum 3000 words)
The Australian economy has been one of the best performing economies since the Global Financial Crisis, avoiding an economic recession experienced by many other developed countries. Several factors have contributed to this success, including effective economic policy and regulation. Nonetheless, Australia continues to face many challenges and economic policy needs to be responsive to the changing national and international landscape. Some of the key challenges identified for 2015 include:

1. The property market
2. The federal budget, and
3. Unemployment and jobs growth

Your task is to:
(a) Provide an overview of current conditions and challenges for each of the three areas listed above, detailing why these represent challenges to both economic stability and economic growth.

(b) Critically analyze the approach of economic policy makers and regulators in dealing with the specific challenges posed in each of these areas, including an appraisal of the value of alternative policy or regulatory approaches