Similarities Between Australia And Bangladesh

The Chinese and Australia economies have many similarities and differences, including the size of the economies, growth rates, unemployment, inequality, standard of living, environmental issues and the roles the different governments have in influencing and modifying these factors of the economy.

Brazil’s population is not as large but does has a high GDP percentage, and also a high Dollar Pre Capital GDP.

Australia is home to one of the largest mixed economies in the world. Our mining and agricultural sectors are two vocations we are heavily dependent on, together they account for 12% of the GDP.

The basic economic problem for any country is that resources are scarce while wants are infinite. This means that countries must decide what to produce, how to produce and for whom to produce in the most efficient and equitable way possible. Australia and China both take different approaches to solving this economic problem, even though both can technically be classified as a mixed economy

Australia and China are two countries located in the southern and northern hemispheres respectively. They are both very important and major international exporters across the globe. Australian exports reached an all time high of A$29,970 million in February of 2014, this is a gain of A$120 million from the previous year. Australia’s natural resources are one of its main exports as Australia is so rich in its natural resources such as bauxite, coal, copper, tin, gold, iron ore, silver, uranium, tungsten, nickel, lead, zinc, diamonds, mineral sands, natural gas and petroleum.

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.

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

Last year Australia imported $287.8 billion in goods from China, up from $51.5 billion a decade ago, according to the Australian Commerce Department (Asia Education, The University of Melbourne 2005). Although Australia is importing its many goods from china and reducing the cost, Australia also have to consider the unemployment rate and safety issues with these imported goods from Asia.

When compared, Sri Lanka and Australia hold fewer resemblances than variances in regards to their cultural characteristics. When marked on power distance and long-term orientation, Australia was more inferior to Sri Lanka. This is due to the Australian culture where hierarchy is only used for expediency. Individual employees are trusted by superiors within associations, resulting to them collaborating in group’s to accomplish elevated outcomes, supposing that people are proficient in their own area. The preservation of traditions and standards is favoured in Australian civilisations and social alteration is not trusted effortlessly.

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.

International trade is the exchange of goods and services between nations. Goods meaning tangible objects like clothes, food and such, while services are non-tangible items like tourism and education. Australia imports and exports a variety of goods and services. Australia’s leading exports in 2009 were Coal, Iron & or and education, while

Every country has their own uniqueness. No country in the world that is exactly the same as any other country. As well as Indonesia and Australia. Both Australia and Indonesia have amazing scenery and culture.

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 has been considered one of the most highly ranked countries in the report by The Economist Intelligence Unit. Economic factors, political and social are broken into 15 sections for which the report bases its rankings into for the countries around the world. Australia had come in 9th place with Scandinavian countries and Canada placing higher in the top rankings. Over 165 countries are broken down and looked at their state strength and governance, history in unrest, economic stress, levels of development, unemployment, and growth is GDP per head and public trust in political institutions.

72% of Australia’s two-way trade is within the APEC countries. Like the G20, this trade relationship is quite significant. Australia’s single top import is personal travel services, however overall most of what Australia imports is petroleum products and motor vehicles. It’s appetite for refined petroleum increased by 12% over the past 5 years. Australia’s top exports are its natural resources, iron ores, coal and natural gas. (Australian Government: Department of Foreign Affairs and Trade, 2014)