Australia Travel & Tourism Guide
Economy of Australia
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The Super Pit in Kalgoorlie, Australia's largest open cut gold mine
The Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru, and Tuvalu. The Australian Securities Exchange and the Sydney Futures Exchange are the largest stock exchanges in Australia.
Australia is one of the most laissez-faire capitalist economies, according to indices of economic freedom. Australia's per capita GDP is slightly higher than that of the UK, Germany, and France in terms of purchasing power parity. The country was ranked third in the United Nations 2007 Human Development Index, first in Legatum's 2008 Prosperity Index, and sixth in The Economist worldwide Quality-of-Life Index for 2005. All of Australia's major cities fare well in global comparative liveability surveys; Melbourne reached 2nd place on The Economist's 2008 World's Most Livable Cities list, followed by Perth at 4th, Adelaide at 7th, and Sydney at 9th. The emphasis on exporting commodities rather than manufactures has underpinned a significant increase in Australia's terms of trade during the rise in commodity prices since the start of the century. Australia has a balance of payments that is more than 7% of GDP negative, and has had persistently large current account deficits for more than 50 years. Australia has grown at an average annual rate of 3.6% for over 15 years, a period in which the OECD annual average was 2.5%. The Australian economy could fall into recession in 2009 after 17 years of growth, according to the IMF.
The Hawke Government floated the Australian dollar in 1983 and partially deregulated the financial system. The Howard government followed with a partial deregulation of the labour market and the further privatisation of state-owned businesses, most notably in the telecommunications industry. The indirect tax system was substantially changed in July 2000 with the introduction of a 10% Goods and Services Tax (GST), which has slightly reduced the reliance on personal and company income tax that characterises Australia's tax system.
In January 2007, there were 10,033,480 people employed, with an unemployment rate of 4.6%. Over the past decade, inflation has typically been 2–3% and the base interest rate 5–6%. The service sector of the economy, including tourism, education, and financial services, accounts for 69% of GDP. Although agriculture and natural resources account for only 3% and 5% of GDP respectively, they contribute substantially to export performance. Australia's largest export markets are Japan, China, the US, South Korea, and New Zealand.
Source : Wikipedia Encyclopedia
Australia Travel & Tourism Guides
Adelaide, Australia
Adelaide Glenelg, Australia
Airlie Beach, Australia
Albury, Australia
Alice Springs, Australia
Ayers Rock, Australia
Barossa Valley, Australia
Bedarra Island, Australia
Brampton Island, Australia
Brisbane, Australia
Broome, Australia
Bundaberg, Australia
Byron Bay, Australia
Cairns, Australia
Caloundra, Australia
Canberra, Australia
Cape Tribulation, Australia
Coffs Harbour New, Australia
Cooinda, Australia
Coolum Beach, Australia
Cradle Mountain, Australia
Darwin, Australia
Day Dream Island, Australia
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Dunkin Island, Australia
Fraser Island, Australia
Gold Coast, Australia
Hamilton Island, Australia
Hayman Island, Australia
Heron Island, Australia
Hervey Bay, Australia
Hobart, Australia
Jabiru, Australia
Kakadu, Australia
Katoomba, Australia
Kings Canyon, Australia
Launceston, Australia
Leura, Australia
Lizard Island, Australia
Long Island, Australia
Mackay, Australia
Magnetic Island, Australia
Melbourne, Australia
Melbourne Airport, Australia
Mossman, Australia
Nelson Bay, Australia |
New Castle, Australia
Noosa, Australia
Palm Cove, Australia
Perth, Australia
Perth Scarborough, Australia
Phillip Island, Australia
Pokolbin, Australia
Port Douglas, Australia
Port Macquarie, Australia
Rockhampton, Australia
South Molle Beach, Australia
Sydney, Australia
Sydney Airport, Australia
Sydney Bondi Beach Travel, Australia
Sydney Coogee, Australia
Sydney Manly, Australia
Sydney North-Sydney Travel, Australia
Terrigal, Australia
Townsville, Australia
Yeppoon, Australia |
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