Australia Is The Third Largest Country

This report will show an overview of the current state of the Australian economy and its management by the Federal government through examining economic indicators such as economic growth (GDP), unemployment, inflation and trade.

The figure obviously had not return to pre-crisis level. Moreover, recent commodity prices had fallen significantly which will affect Australia’s short and long term economy.

Australia became a commonwealth of the British Empire in 1901. It was able to take advantage of its natural resources to rapidly develop its agricultural and manufacturing industries and to make a major contribution to the British effort in World Wars I and II. Now, Australia has a prosperous Western-style capitalist economy, with a per capita GDP at the level of the four dominant West European economies. Rich in natural resources, Australia is a major exporter of agricultural products, minerals, metals, and fossil fuels.

Although Australia remains geographically isolated from the world, international trade still remains a main factor that allows Australia’s economy to prosper. Australia’s long history of trade has created tight links and connections with other nations. Being a member of many worldwide organisations, Australia has produced many free trade agreements with countries around the world. However, recently Australia has seen a change in the composition and direction of its trade and has developed a strong trade link with the Asia-Pacific Region.

China has, for a sustained period of time, been one of Australia's most important trade and economic partners. But this has not always been the case. Since the late 1970s China has moved from a closed, internal focused economy to more of a global market oriented one that plays a major part in other nations economies, like Australia's. Although China is technically a Socialist nation, market capitalism is actively encouraged, much the same as in Australia. In 2010 China became the world's largest exporter, with exports ranging from natural resources to manufactured goods. (CIA-World fact book) Australia's economy, in this sense, differs from that of China's. As Australia is simply too expensive to manufacture goods ("Holden, Ford,

One measure that has been used to measure income distribution in Australia is provided by the income shares going to groups of people at different points in the income distribution. In 2011-12, 10.4% of total equivalised disposable household income went to the people in the low-income group and 39.5% went to the high income group which relates to 20% of the population.

By 2016, Australia assess that mining had raised genuine per capital household extra income by 13%, raised genuine wages by 6% and brought down the unemployment rate by around 1¼ rate focuses. There have additionally been cost. The mining has prompted a huge valuation for the Australian dollar that has weighed on different enterprises presented to exchange, for example, assembling and farming.

Australia has also experienced a rising terms of trade to 130.0 in late 2011 due to the commodities boom as a result of the industrialization of the BRICs, whereby Australia has experienced high export and national income, but has resulted in less competitiveness in other sectors due to the high AUD, causing the ‘Dutch disease’ whereby non-commodity sectors lose competitiveness. Similarly is can be seen in its narrow export base whereby in 2012-13 one third of export revenue came from coal and iron ore ($96 billion from 300 billion), furthermore 57% of Australian export revenue is made up of mineral and energy exports, whereby Australian growth has been largely fuelled by commodity exports and mining boom.

Australia is a nation without limits scene, society and more rooted archaic rich economies in the world. Australia is the sixth largest country in area and is the main country to represent an entire land mass. A wonderful native habitat caliber of different qualities and extraordinary life, Australia is a destination for travelers from all over the world and 10 percent of biodiversity in the world and an impressive number of local plants and creatures he n ' There is no other place on earth. Rainforest in the north to the red deserts of the interior, the snowfields of the Australian Antarctic Territory in the southeast, is a vast region and changed. Australia is home to one of the most experienced companies in the world living with indigenous

The impact of globalisation has also changed the structure of Australia 's trade. There has been considerable growth in manufacturing and service industries with limited growth in the rural sector (Table 2). This reflects a combination of changes in world demand and domestic structural reforms.

Firstly the Australian economy is deemed one of the largest democratic economies as well as being stable in condition (Dfact 2012). Australia’s GDP is $1.57 trillion USD and with a total wealth of $6.4 trillion USD, making it the 12th nation ranked in the world in terms of GDP (nomial). (Wikipedia 2014) Currently the Gross Domestic

Within Australia’s current economic climate, a lower exchange rate provides more economic advantages than a high exchange rate. However, some experts argue that a higher exchange rate is overall beneficial for the economy through having an increased purchasing power, whilst others disagree. By having a lower exchange rate, a country is able to accelerate its exports industry, making exports cheaper abroad, in turn increasing demand for their goods. This report will discuss the recent trends in Australia’s exchange rate, in addition to exploring factors that influence the exchange rate and its impact on the trade industry. The effects of a depreciating

With a GDP of over $1 trillion USD, the Australian economy is among the largest in the world (Cornett and Saunders, 2014). Australia is trading partners with the United States, China, and Japan, but their economic ties are mainly centered in the Pacific Rim. Exports are crucial to the country’s GDP and this has created problems regarding sustainability in the Australian economy.

The second key national interest of Australia is the economy. Australia’s capital, jobs, standards of living, technological innovations and social advances rely substantially on exports and commodity values within Southeast Asia and the Pacific (Department of Foreign Affairs and Trade 2016a). The stability of South East Asia and the Oceania

Australia’s main trading partners are China, Japan, the United States, Republic of Korea and Singapore. Nearly half of Australia’s trade activity in terms of imports and exports are with these 5 countries alone. Particularly with the recent growth of the Chinese economy, Australia’s chief trading partner, the country has seen growth in its exports. However very recently the growth of the Chinese economy has been slowing which is a risk to Australian exports.