Economic Freedom In Australia's Judicial System

Australia’s economic freedom score is 81.4, making its economy the 4th freest in the 2015 Index. Its overall score is 0.6 point lower than last year, with gains in monetary freedom and labor freedom outweighed by declines in investment freedom, freedom from corruption, and the control of government spending. Australia is ranked 4th out of 42 countries in the Asia–Pacific region.
Australia’s strong commitment to economic freedom has resulted in a policy framework that has facilitated economic dynamism and resilience. Although overall economic freedom has declined slightly over the past five years, the Australian economy performs remarkably well in many of the 10 economic freedoms. Regulatory efficiency remains firmly institutionalized, and well-established
It takes only one procedure to start a business, and no minimum capital is required. Flexible labor regulations facilitate a dynamic labor market, increasing overall productivity. In 2014, the government lifted price controls on electricity to encourage market-based production of power.
Australia has a stable political environment with well-established and transparent political processes, a strong legal system, and a professional bureaucracy. Anti-corruption measures are generally effective in discouraging bribery of public officials. Australia’s judicial system operates independently and impartially. Property rights are secure, and enforcement of contracts is reliable. Expropriation is highly unusual.
The top individual income tax rate is 45 percent, and the top corporate tax rate is 30 percent. Other taxes include a value-added tax and a capital gains tax. Total tax revenues equal about 27 percent of the domestic economy. A controversial carbon tax has been repealed. Government expenditures equal 35.7 percent of the economy, and public debt is equivalent to less than 30 percent of
Regressions had tested variables’ relations and had indicated one and two lags of inflation rates which influenced current interest rate and one lag of GDP had influenced power to current interest rate.
However, testing the regressions indicated that interest rate and inflation rate had some kind of relations. Granger Causality had adopted Granger Causality to examine the causal relations between interest rate and inflation rate, GDP, and real growth rate. The findings indicated that GDP did cause interest rate and real growth rate did cause inflation rate. Meanwhile interest rate and real growth rate had feedback relation existence. The results seem like Mundell theory that: interest rate did not have the same pace with inflation rate.
It is well known that regional economy is not yet out of the woods and since the global recovery from last recession seems to have encountered further delays; economic growth outlook for Jordan is increasingly challenging. Although adverse external environment continues to add to domestic uncertainties associated with the regional socio-political unrests, have thus weighing on Jordan’s aggregate demand and economic growth. Although Jordan’s economy has achieved strong growth in recent years after a number of key reforms were introduced by the government; yet, the kingdom's economy still faces a major threat from soaring inflation;