Humanities Revision Simplified Flashcards
(35 cards)
What is the official currency of Australia?
Dollar
Who is featured on the Australian $5 note?
Queen Elizabeth II
Which Australian institution is responsible for issuing currency?
Reserve Bank of Australia
Who is the current Treasurer of Australia?
Jim Chalmers
What is the primary source of revenue for the Australian Government?
Income Tax
What is a major function of the Australian Government in the economy?
Regulating businesses
What is the purpose of government subsidies?
To support businesses and industries
What is the primary reason laws are created?
To ensure people understand their rights and obligations
Which of the following is a threat to social cohesion?
Unemployment
Which Act criminalised identity crime in Victoria?
Crimes Amendment (Identity Crime) Act 2009
What does ADR stand for?
Alternative Dispute Resolution
Which court is the highest appeal court in Victoria?
Court of Appeal
What was the main outcome of the trade talks between the United States and China in Geneva?
A point-for-point mutual reduction in tariff rates for 90 days
What is the expected decision of the Reserve Bank of Australia (RBA) at this week’s meeting?
A 25bp rate cut
What toxic substance was found in the mushroom paste from the beef wellington?
Amatoxin
Describe the role of the Reserve Bank of Australia in managing the country’s currency.
The Reserve Bank of Australia (RBA) manages monetary policy, issues currency, and ensures financial system stability.
Explain the concept of inflation and its impact on purchasing power.
Inflation refers to the rise in prices of goods and services over time.
Explain the difference between fiscal policy and monetary policy.
Fiscal policy involves government spending and taxation decisions.
What is the federal budget, and why is it important for the Australian economy?
The federal budget outlines the government’s revenue and spending plans.
Describe how the government supports economic growth through infrastructure projects.
The government invests in infrastructure such as roads, schools, and hospitals.
What are the main objectives of Australia’s economic policy?
To achieve economic growth, full employment, price stability, and improve living standards.
Describe the role of each level of Government and what their responsibilities are.
- Federal: defence, foreign policy, trade
- State: education, transport, health
- Local: waste management, local roads, community services
When was the Australian dollar introduced, and what currency did it replace?
The Australian dollar was introduced on 14 February 1966, replacing the Australian pound.
What are the different types of taxes levied in Australia?
- Income Tax: tax on personal income
- GST: a 10% tax on most goods and services
- Corporate Tax: tax on business profits
- Excise Duty: tax on specific goods like alcohol and fuel
- Stamp Duty: tax on property transfers
