Economics Report Essay - 933 Words

In relation to lower vaccination rates in Australia, it is crucial to Australian governments to increase the national immunisation rates. This report will focus on this issue through Australian immunisation rates, assessment on any possible government failure, supporting by economic theory. FIigure1: any delayed immunisation rates, 2004 and 2009 Figure 2: more than 6 months delayed immunisation rates, 2004 and 2009 In Australia, the timely receipt of 2nd dose of MMR vaccination decreased rapidly (Department of Health, 2013). As can be seen from Figure 1, there was a considerable increase of any delayed immunisation rates from 65% in 2004 to 80% in 2009. Especially, the more than 6 months delayed immunisation rate increased sharply†¦show more content†¦In order to fix the market failure, government could provide some subsidies which are equal to the external benefit. This policy can shift the demand curve up to the right, increasing quantity of immunisation and bringing market equilibrium to the higher price of P2, so that the external benefit has been internalized. D2 represents benefit that is equal to external benefit plus private cost which is D1, achieving economic efficiency. Facing the lower immunisation rate and interpreting the economic theory, Australia government has issued reforms to Australia’s childhood immunisation arrangements which include immunisation allowance of $726 per child Family Tax Benefit, aiming to increase the immunisation rates of Australian children over time (Australia Government, n.d.). However, the efforts of Australian government could fail to correct adequately for market failure or lead to a more inefficient outcome than the market, which is defined as government failure (Hubbard, 2012). However, when the suggested theory implement into real situation, the issue would be more complicated because of some factors impacting government intervention. The first one is the subjects of the policy. $726 per child Family Tax Benefit (Australia Government, n.d.) cannot be incentive to all families, according to Elliott (2013, October), â€Å"lower income areas of Australia have a vaccination rate of about 90 per cent,Show MoreRelatedA Report On Economic Growth2284 Words   |  10 Pagesâ€Å"Economic Growth Starting to Pick Up Pace† – Perth Now The article summarises the economic situation in the post mining investment boom period in Australia, touching on several macroeconomics including but not limited to economic growth, unemployment, GDP, fiscal and monetary policies. Essentially, economic growth is the increase in a country’s standard of living or its capacity to increase production of goods and services over time (Howitt and Weil 2008; Saymeh 2013, 341). 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