Impact of Industrial Revolution on Australian Economy

Question: Discuss about the Impact of Industrial Revolution on Australian Economy. Answer: Introduction: Australia is mostly an agricultural country. The major portion of the revenue is generated from this sector. However the industrial growth in the country has seen a major development over the past few decades (McLachlan 2013). The industrial sector has shown improvement with the help of various government policies and major structural changes. The international sector of industry is gradually growing at a much faster rate (Australia 2014). The Australian economy has faced major challenges due to this. The major industrial sectors are mining, services, manufacturing, construction and others (Eichengreen and Gupta 2013). Some of these sectors have shown a rapid growth over the years while the other sectors have shown a sharp decline. The research has been done mainly to explore the growth and development of all these sectors over the years (Marginson 2015). The effects of these sectors in the GDP of the country have also been studied in this research work. This research work will give a brief idea about the major changes brought about by the entire industrial sector on the GDP of the country (Ouyang and Lin 2015). In this proposal an outline idea about the data collection methods and the analysis of such data are given. The proposal also gives an idea about the methods of analysis of such data and the expected outcome from that research. Problem statement: The problem statement in this research work is to analyze the growth and development of the industrial sector in Australia and the effect of such change on the GDP of the country. Literature review: The industrial sector in Australia is growing at a very fast rate. The major sectors in the Australian economy are its service sector, mining sector, the construction and engineering and other services such as the IT industry (Marginson 2015). The economy of Australia can be stated to be a mixed type of economy. The GDP of Australia is $1.62 trillion dollar. Among these GDP, majority is contributed by the service sector (Ouyang and Lin 2015). The GDP of Australia contributes to 1.7% to the worlds economy. The service sector o Australia is a dominating sector (Lewis 2015). This sector contributes to 68% of the total economy of the country. The mining sector also contributes about 8% of the GDP of the country. The rate of growth of the GDP of Australia is about 3.5% per year. The mining sector is very well developed in Australia. The mining sector also attracted foreign capital investment over the year. The iron ore and gold are the chief mining products in Australia. The infrastructure, transportation and communication are also well developed in the country. All these facilities have led to the industrial advancement in the country. The Australian GDP grew 3.6% on account of the development of this sector (Fleming and Measham 2015). In the current year, the other industries like software, medical research and others area also growing. With an increasing demand of IT and software product all over the world, the IT industry is growing at an alarming rate. The medical research industry is less popular in Australia (Haufler 2013). However, this sector has a wide opportunity for employment and research. The country has shown great advancement in neuroscience research and ranks fourth in the world. The construction industry is also a rapidly growing industrial sector of the country. The construction research has offered employment to numerous people starting from accountant to the operation managing services (Crawford, French and Lloyd-Walker 2013). In this growing technology, the web start up sectors and financial management sectors has also shown a rapid bloom. These sectors have provided employment to the youths of the country (Cunningham 2013). The graph of industrial production shows an increasing trend over the years. The industrial production has increased by 3.61% in the year 2016. The average rate of industrial growth from the year 1975 to the year 2016 is 2.4%. The growth was highest in the year 1987(12.77%) (Stoeckl et al. 2013). The industrial sector has shown an improvement over the years. With the passage of time the new sectors like IT, software development are taking the place of the traditional sectors. Research aim: The industrial sector in Australia is growing at a rapid rate. This sector also contributes to the GDP of the country. The aim of the research work is to study the growth of industrial sector in Australia over the years and the effect of such change on the GDP of the country. The objective of the research is to analyze the growth of industrial sector in the country Australia and its effect on the GDP of the country. The main research questions in this research work are given below: What is the current rate o growt in the industrial sector? How has the growth of the sector led to the development of the country? What is the rate of employment in this sector? How this sector affects the GDP of the country? What are the major changes brought about in this sector over the past few years? How has the government policies and structural changes affected this sector? Variables and hypothesis: The main variables in this research are concerned with the growth of industrial sector of the country. The major industrial sectors has been identified as the mining sector, services sector, manufacturing, construction, information technology and other sectors. The overall growth of these sectors, the revenue generated from these sectors, the employment status in these sectors, the import and export values are studied for the research. All these factors are taken as the independent variable. The GDP of the country is taken as the dependent variable of the study. The hypothesis of the study is given as follows: H0: The industrial growth has no impact on the GDP of the country. H1: The industrial sector has a positive impact on the GDP of the country. Research methodology: The research methodology section covers the ways by which data collection takes place for the research work. The data collected for the study is basically secondary data. The data about the growth of these sectors, GDP of the country, employment status in these sectors are available from the Australian national statistics website and also from other official sites. The qualitative methodology has been chosen for the research. The research has been carried out by deductive approach. The hypothesis of the research has been formulated in the first step. The data collection process takes place thereafter. Then analysis of such data has been carried out for the test of hypothesis. The data is basically a secondary data. Therefore, the data collection takes place by the method of non probability sampling. The overall statistics has been collected for the past 5 years for the study. The data has been collected for some major industrial sectors like the mining, construction, engineering, information technology and others. Analysis: The data analysis takes place with the help of various statistical techniques such as median, mean, standard deviation, correlation and others. A time series analysis will be conducted for the different variables to study the trend of the values over the years. The time series analysis will reveal whether the different values have shown a growth over the years or not. A cluster analysis can also be performed to see which of the sectors has shown a growth over the years. A regression analysis can also be done by taking the GDP as the dependent variable and the other variables as the independent variables. A significant value of the regression co efficient will prove that the variable has an effect on the GDP of the country. Research process: The research process section describes the ways by which the entire research is going to be carried out. The first step in any research is the identification of the research problem. Once the research problem is being identified, the very next step is to conduct an extensive literature review on the research topic to find out the main problems in the research. The data collection for the research starts thereafter. The next step is the analysis of the data. The conclusion s and the final research capstone will be completed thereafter. The Gantt chart for the research is given below: Week 1 Week 2 Week 6 Week 10 Week 12 Identification of problem Literature review Data collection Analysis Final Capstone due Figure: Gantt chart of the research (Source: Created by author) Expected outcome: It is expected that the null hypothesis of the research will be rejected. The rejection of the null hypothesis and the acceptance of the alternative hypothesis of the research will indicate that the research has a positive outcome. The industrial growth sector will have a positive impact on the GDP of the country. Conclusion: The research will be conducted to know about the effect of the growth of the industrial sector on the GDP of the country. The proposal gives an idea about the data collection method. The methods of analysis of the data and the expected results from the research are also given in this proposal. The literature review section reveals that the industrial sector in the country Australia is rapidly growing. 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