Economy of Australia

The economy of Australia is primarily a free market economy, which is dominated by the services sector. This covers 68% of the Australian gross domestic product. The agriculture and mining sector (together 10% of GDP) are jointly responsible for 57% of Australia's exports. The Australian economy's currency is the Australian dollar. The economy includes apart from the continent Australia also Christmas Island, the Cocos (Keeling) Islands and Norfolk. The Australian Securities Exchange is the largest Stock Exchange of Australia.

Australia there used to be a colony of the United Kingdom, wielded the country for a long time the British system for money, weights and measures. Nowadays Australia uses the metric system.



Content
[hide] *1 Overview  ==Overview[ Edit] == Development of the Australian GDP (red) and inflation (blue) in the period 1970-2008.The Australian economy is, measured according to the standards for economic freedom, one of the most laissez-faire capitalist economies in the world. Australia's gross domestic product in terms of purchasing power parity is slightly higher than that of the United Kingdom, Germany and France. In the Human Development Index of theUnited Nations 2006 stood the country in third place. In 2009, the country ranks second in this index.
 * Trade 2
 * 3 History
 * 4 natural resources
 * 5 infrastructure
 * 5.1 roads and transport
 * 5.2 car factories
 * 6 external links

In september 2009 had 10.7 million people in Australia a job, and the unemployment rate amounted to 5.8%. [1]

Although agriculture and winning natural raw materials only cover 3 and 5% of GDP respectively, they are of great importance for Australian exports.

On the other hand, there has been a chronic balance of paymentsdeficit on the Australian, high debts of Australian companies that are located outside of the country itself and a sometimes inadequate cooperation between the Australian Federal States and the Federal Australian Government. [2] ==Trade[ Edit] == Australian exports in 2006<p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">The emphasis of the Australian economy is trade. Between 1992 and 2007 the economy grew by an average of 3.6% per year.<sup class="reference" id="cite_ref-downwonder_3-0" len="194" style="line-height:1;unicode-bidi:-webkit-isolate;"> [3]

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">In the second half of the 20th century shifted the main outlet for Australian trade itself from Europe and the United States to Asia. Most of the countries where Australia trade drives are the People's Republic of China, Japan, the United States, South Korea and New Zealand.<sup class="reference" id="cite_ref-Year_Book_2005_4-0" len="198" style="line-height:1;unicode-bidi:-webkit-isolate;"> [4]  the principal exports of Australia are wheat, wool and minerals(such as Gold, iron ore, coaland lng ). A lot of ore leaves the country along the two largest ports, both located in the Northwest, Port Hedland and Dampier. ==History<span class="mw-editsection" len="350" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;font-family:sans-serif;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] == <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">In nearby Indonesia established the Dutch East India Company in the 17th century had no interest in Australia. Only in 1788 became the first British colony First Fleetbased in New South Wales, Australia.<sup class="reference" id="cite_ref-5" len="183" style="line-height:1;unicode-bidi:-webkit-isolate;"> [5]  the first British traders were selling grain, whale products and sealskins to the British East India Company. Other important aspects of the British trade in Australia were to the middle of the 19th century were the export of wool and the importation of prisoners as a result of the American war of independence no longer could be sent back to the thirteen colonies.

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">The Australian population growth and operation of the Australian ground (which is fully at the expense of the Aborigines, whose number between 1788 and 1920 by almost 90% decrease) made possible the development of a local transport industry. With the discovery of gold in 1851 began a real gold rush, making the Australian population in 10 years time increased from 400,000 to 1,000,000. In 1860 was the Australian population measured per capita the richest of the world.<sup class="reference" id="cite_ref-6" len="183" style="line-height:1;unicode-bidi:-webkit-isolate;"> [6]  In the 1870s went almost half of all British investments abroad to Australia and became the highly developed infrastructure, especially thanks to the rise of thetrain. In the same time Australia lost its function as a penal colony. In the 1890s, however, against the profit, which fell around the turn of the century for the first time there was a recession in Australia. At that time the principal exports were wool and gold (in 1900 they formed 42 respectively 12% of total exports)<sup class="reference" id="cite_ref-7" len="183" style="line-height:1;unicode-bidi:-webkit-isolate;">[7] .

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">At the beginning of the 20th century made the development of refrigerated ships maritime export of meat and vegetables as possible, while at the same time resistant cereals were developed. The establishment of the Commonwealth in 1901, Australia caused a great homogenization of the continent. A few years later (in 1910) in addition, the Australian pound was introduced. After this period of economic prosperity in the 1920s, however, again followed a recession in Australia, which eventually led to the great depression of the 1930s.

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">In the period 1945-1970 was again talk of economic growth, which made it possible to keep up with a population growth of 80%. From this time was Australia's largest trading partner the United States. The Australian had factory sector at the end of the Second World War initially developed fast, but due to the protectionistsische policy of the Australian Government took the competitiveness in the fifties and sixties off quickly. In the same period, however, came thanks to the influx of foreign capital in the Australian mining industry, making only minimal economic growth was slowed down. In 1974, however, the Australian economy again ended up in a recession. The Australian Labor Party by Robert James Lee hawke and Paul John Keating went to a strong response on liberalisation of the economy. The Australian dollar since 1983 is entirely dependent on theForex, and in the decade after that, most national enterprises have been privatised. During the reign of the right-wing Liberal Party of Australia in the second half of the nineties this reforms were continued.

<p lang="en" len="434" style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">Between 1990 and 2006 the Australian economy within the organisation for economic cooperation and development sustained one of the highest economic growth rates. ==Natural resources<span class="mw-editsection" len="361" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;font-family:sans-serif;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] == The Super Pit gold mine near Kalgoorlie is the largest open gold mine of Australia.<p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">The country is rich in ores and the desert-like middle of Australia is still largely unexplored. In the first half of the 20th century was the export of iron ore even banned because it was thought that there was a lack of, until Long Hancock during a stroll through the Hamersley Range on a large underground amount of metal came across. In 1960 there was in Australia more than 20 billion tons of iron ore mined, and at the end of the sixties, Hancock only possessed more iron ore than Canada and the United States together.<sup class="reference" id="cite_ref-8" len="183" style="line-height:1;unicode-bidi:-webkit-isolate;"> [8]  Australia was one of the most important producers in the world of iron, coal and uranium become − substances to which the question has increased since 2000 still much stronger. In addition, the country has a rich stock cadmium, cobalt and lead. Only thanks to increased export of raw materials are the trading conditions of the country with 30% improved.<sup class="reference" id="cite_ref-9" len="183" style="line-height:1;unicode-bidi:-webkit-isolate;"> [9]  both private and business investment have increased in order to meet the increased demand for raw materials.<sup class="reference" id="cite_ref-wikiwix.com_10-0" len="197" style="line-height:1;unicode-bidi:-webkit-isolate;"> [10]

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">The Australian mining industry is spread across the continent, but especially in Western Australia. In the Bass Strait between Victoria and Tasmania undergroundhydrocarbon discovered. ==Infrastructure<span class="mw-editsection" len="352" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;font-family:sans-serif;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] == <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">The Australian infrastructure is well developed, but due to the urbanization and the increasing ageing of the population, however, there are even more new investment is required, what is difficult due to the faltering world economy. Because the infrastructure left behind, raw materials export ships, sometimes have to wait a month before the new load there is. Subsidization of agriculture often happens still largely from the big cities. In recent years, the market is liberalised. There are also national reforms within the framework of the new government investments in energy and freightsectors. Especially in the area of cooperation between the Federal States and the Government of Australia is yet to be improved.<sup class="reference" id="cite_ref-wikiwix.com_10-1" len="197" style="line-height:1;unicode-bidi:-webkit-isolate;"> [10] ===Roads and transport<span class="mw-editsection" len="356" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] === <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">During the first years when Australia officially existed as a country, found the construction of road networks (the first in 1788) and railways (the first in 1855) initially, especially at local level; most of the railways was managed by small local entrepreneurs. Because the various federal States were still largely separated, regarded these entrepreneurs also as autonomous, making a allesverbindend road network was still by no means a priority. As a result, there were at the time of the creation of the Australian Federal State in 1901 in the continent as a whole as many as three rail gauges in use. Nevertheless, 16 years later, the first real railway line, which the continent of Port Augusta to Kalgoorlie crossed, laid out. In 1941, West and South Australia through ordinary roads connected. Only since 1982 is the same track gauge used anywhere in Australia.<sup class="reference" id="cite_ref-11" len="185" style="line-height:1;unicode-bidi:-webkit-isolate;"> [11]

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">The main ports of Australia are located in the Northwest of the country and are geared towards the export of ores, Port Hedland and Dampier. ===Car Factories<span class="mw-editsection" len="351" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] === <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">Australia has four car factories. It is a relatively small market and the high value of the Australian dollar makes imports cheaper and exports of cars models difficult. The Government provided subsidies to help the automakers, but this has not led to the desired result. 200,000 cars were made In 2013, but 10 years ago this number is twice as high.<sup class="reference" id="cite_ref-ECOAUS_12-0" len="192" style="line-height:1;unicode-bidi:-webkit-isolate;"> [12]  the ceased production for Mitsubishi Motors in 2008 and 2013 and 2014 names three other car manufacturers the same decision. Ford was the first in may 2013 and also General Motors decided six months later to discontinue production at Holden .<sup class="reference" id="cite_ref-REDBEGM_13-0" len="193" style="line-height:1;unicode-bidi:-webkit-isolate;"> [13]  by year end 2017 lose almost 3,000 workers at their jobs in the State and some 1,600 Holden South Australia and another 1,300 in Victoria.<sup class="reference" id="cite_ref-REDBEGM_13-1" len="193" style="line-height:1;unicode-bidi:-webkit-isolate;"> [13]  In February 2014 Toyota took the decision as the last car factory in 2017 to close its Altona.<sup class="reference" id="cite_ref-AUSTY_14-0" len="191" style="line-height:1;unicode-bidi:-webkit-isolate;"> [14]  Toyota has been making since 1963 cars in the country and about 2,500 workers lose their jobs. The decisions are based on the continued strength of the Australian dollar, the high production costs and the small sales market.<sup class="reference" id="cite_ref-REDBEGM_13-2" len="193" style="line-height:1;unicode-bidi:-webkit-isolate;"> [13]  that the wages of Australian workers are the second-highest in the world, after Germany, has also not helped.<sup class="reference" id="cite_ref-ECOAUS_12-1" len="192" style="line-height:1;unicode-bidi:-webkit-isolate;"> [12]