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Use manufacturing (tradeable good) and health care (non-tradeable) sectors to explain why living costs in Australia...

Use manufacturing (tradeable good) and health care (non-tradeable) sectors to explain why living costs in Australia (or use a country of your choice) may be high

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Answer #1

Manufacturing and healthcare is high a cost largely due to higher wages and lower availability of quality manpower. This causes prpduction costs of goods and services to be way higher and thus WPI and CPi inflation both rises.

Moreover with expansionary fiscal policies applied by Australian government in recent times the inflation has widened coupled with higher imports because of low competitive advantage.

Thus this causes overall costs of living to be way higher than other nations.

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