Economic System of Australia
Australian trade
- The Economic System of Australia is a Free Market System (a market based on supply and demand with little or no government control).
- The standard of living in Australia is just below that of the United States.
- Australia is industrialized, has large scale productions and advanced in the use of technology (Information communication and technology industries are extremely successful and contribute to Australia's economic growth). There are also abundant natural resources.
- The economy of Australia is growing. The unemployment rate of Australia went from 11% in 1992 to 5% currently.
- An improved tax system introduced in the 2000's has been beneficial for both individuals and businesses. There is both federal and state taxation of income and business.
- Australia has a stock market called the Australian Securities Exchange (ASX).
- Australia is also successful in international trade in the area of exporting and importing of goods.
- Click here to read an article from ABC News about Australia's current economic success and growth.
Australian Natural Resources
Many of the plant and animal species of Australia are endemic to Australia (only found in Australia)
- 89% of fish, inland and offshore
- 85% of plants
- 84% of mammals (includes kangaroos and koalas)
- 45% of birds
- bauxite (source of aluminum)
- coal
- iron ore
- copper
- tin
- silver
- gold
- uranium
- nickel
- tungsten
- mineral sand
- lead
- zinc
- diamonds
- natural gas
- petroleum
Australian Industry
The growing Australian mining industry
The major industries of Australia include:
- Mining (mostly bauxite, coal, copper, gold and iron ore)
- Farming (sugar cane, grapes, wheat, barley, fruits, cattle, poultry, and sheep)
- Industrial and Transportation Equipment
- Food Processing
- Chemical manufacturing
- Steel manufacturing
- Tourism