The Australian Economy : Australia

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,

The purpose of this report is to compare both Australian and Chinese economies. China is one of Australia’s closest trade neighbours, often referred to as the Sino – Australian relations. While Australia has a minute population of 23.9 million in comparison to China’s 1.357 billion its economic ranking is just as its population, lower than China’s. Both economies have various similarities and differences in areas such as economic systems and historical events, economic growth, quality of life, employment and unemployment, distribution of income, environmental sustainability and, the role of government in health care, education and social welfare. The following report will parallel and compare both economies in retrospect to the

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's narrow export base is one structural factor affecting BOGS. Australia's main exports are mainly coal, beef, iron ores and wool. Despite Australia having a strong manufacturing sector, many countries such as China are able to produce goods more cheaply. If many countries can produce the same goods at a cheaper price, it affects the rate of Australia's exports.

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.

China is one of the biggest countries along with Thailand and Japan who make goods for Australia. Being Australia’s third largest merchandise trading partner and seventh largest service export market in 2003, China might significantly affect the Australian economy through any changes made to its trade policies. A more liberal Chinese trade policy could increase Australia’s income in part through greater market access for its exports. Of every hundred dollars of national

More than two-thirds of the annual catch consists of crustaceans; tuna is also important. Mining and quarrying account for about 4 percent of the GDP and employ about 1 percent of the labour force. Bituminous and lignite coal are the leading energy minerals, followed by petroleum and natural gas. Australia leads the world in the production of bauxite, industrial diamond, and lead; other metallic minerals include iron ore, manganese ore, titanium oxide, zinc, copper, nickel, tin, silver, gold, platinum, cobalt, cadmium, antimony, zircon, bismuth, and tungsten. The principal nonmetallic

Australia has an interesting form of government, but their economy is very strong. Australia’s government is a constitutional monarchy. This means the Australian constitution decides how the country should be governed. The Australian economy is very strong. It is one of the world's richest, most developed countries. Its wealth has come from farming and mining, unlike other countries whose wealth comes from manufactured goods. Australia solely depends on its mines and farms to produce goods that will later be exported. Australian transportation is the same as American transportation. They use cars, buses, trains, ferries, planes and boats to get around. The most common form of transportation is by car. In modern day Australia, people most frequently

Globalisation is not new. Australia has been involved in trade, investment, financial flows, technology transfers and the migration of labour since its foundation as a colony. What has changed is the size, direction and influence of these transfers, especially since 1980. There are a number of factors that have aided this transformation. They include:

Australia’s political view has been recognized by other countries as a strong market leader and a valuable country to have free trade agreements with. All Australians can see that this is a huge benefit to the Australian economy. An increase in trade agreements means more jobs and security for the

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.

Since 2012, Australia has maintained a mostly negative trade balance, perhaps amid uncertainty of its currency against the US dollar, but more likely is its economic growth is causing it to import more and more petroleum products which it’s exports of its own natural resources is not able to match.

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

In March 2015, Greg Jericho published an article called Weak, weak growth and six things about the state of Australia’s economy that outlined how in the past 6 out of 10 quarters the Australian

According to the data, the total volume of textiles exported from China has started a continuous rapid growth since 2001 (the year of China’s accession to the WTO) as shown in the first graph above, which roughly