Commodity Price Shocks and the Australian Economy since Federation
LSO’s and the Australian Economy
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LSO’S AND THE AUSTRALIAN ECONOMY Page 19
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CONTRIBUTIONS OF LSO’SDespite there being more small –
medium sized organisations in Australia, LSO’s still significantly contribute to the Australian economy.GDPEmploymentBalance of PaymentsResearch & InnovationInfrastructure Growth
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GROSS DOMESTIC PRODUCT (GDP)
The total monetary value of output produced in a country in one year.
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EMPLOYMENTLSO’s employ a large percentage
of our total workforce.
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GLOSSARYDownsizing – A reduction in a
company’s work force through the elimination of jobs.
Productivity – A measure of the functioning and efficiency of a production system.
Outsourcing – The process of using another business to undertake some task or work process.
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BALANCE OF PAYMENTSAn annual record of Australian
trade and financial transactions (export/import) with the rest of the world.
LSO’s assist in earning export income.
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RESEARCH AND INNOVATIONA large amount of money (capital
expenditure) is used to carry out research and development (R & D)
LSO’s are often encouraged to undertake this, however due to its expense and high risk, the government has to provide financial incentives in forms of grants or taxation rebates.
Eg. Apprenticeships Australia
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INFRASTRUCTURE GROWTH Infrastructure – Physical resources
of an area which benefit the entire community.
Most Australian infrastructure is provided by GBE’s or recently privatised GBE’s.