When talking about conventional wisdom, both the parties will be ranked at the same position. The foreign policy understanding is more or less similar with them. However, if the Labour party prevails four differences might take place in the policy. These changes can largely affect the way Australia deals with the rest of the world. Hence, it is important to understand the change in policies that the party wants to introduce. Labour party has pledged to open up about the sea boundary wit East Timor, which would establish the ownership of the gas and oil deposits underwater. The background of this policy is quite complex though.
However, the coalition refused for the policy change as East Trimor already has a good deal. Its 90% of the revenue comes from one area and the rest from a 50-50 split area. It is known as the Greater Sunrise field which is claimed to be in its territory, by Australia. The deadlock has become very intense in Australia. No minister from Australia has visited East Timor since the coalition was voted for. Now, East Timor has dragged Australia to the UN featuring an attempt to broker a deal with them. The anger between the two countries has given rise to a poisoned relation.
The matter is however a legal concern now. Australia must open up about talks with East Timor. Indonesia also shares a boundary with Australia and has always remained in its support. It is being watched whether Indonesia seizes on this precedent or not. For the negotiation to be held, many countries have agreed for support voluntarily. Australia along with other US allies have resisted from the negotiation. The ban passed by the coalition is emotionally appealing but is impractical at the same time. Currently Labour is echoing for a two states solution of the conflict, the future results are still not clear.
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In the month of February, economy picked up good thrust henceforth creating jobs at a good pace. The unemployment rate started declining substantially. However, analysts suggest that the stronger employment gains are being risked due to the automatic cuts imposed by the federal government. When spoken of the lawmakers and other officials, experts said they are doing their best to get things on their right path. The news that needs focus is the momentum of the US economy into sequestration. Earlier in January the unemployment count reduced from 7.9% to 7.7%. In the month February, the Wall Street expected around 165,000 additional job.
The surprise rise in additional job offerings led the Dow Jones industrial average to a remarkable value of 14,397.07(closing stock). In the months to come the performance of the US economy is expected to be much better. Still, if the automatic reduction were not taken into picture, the performance could have been more robust. The unemployment rate is not expected to do much good in the times to come. The rate would shrink but only to a satisfactory level and not a good one. Most challenges are expected in the third and fourth quarter. This year the federal spending cuts are estimated to cost around 7, 00,000 jobs.
The labour industry is moving up, while there is no significant progress in the public sector jobs. The state and local government employees have counted much less in February. The current economy is trembling like never before. Even if the situation starts improving, something drags it down. This time it is the automatic spending cuts. Next time it could be something else. However, the jobs need to be taken care of. With the prevailing unemployment rate the economy can face a major downfall in near future without any prior knowingness.