Economy of Australia

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Australia was a founder member of commonwealth in 1931 when its independence was
recognized under the statute of Westminster. Australia has a constitutional monarchy and
parliamentary democracy. There are three countries presently which divide the continent
of  Australia as - Australia, New Zealand and Papua new Guinea. There are eight main cities
which are playing a prominent role in the growth of its economy. These are - Sydney, Brisbane,
Melbourne, Canberra, Adelaide, Hobart, Darwin and Perth.   

The economy of Australia is a large mixed-market economy. The country is the second
wealthiest nation in terms of wealth per adult after Switzerland. The economy is dominated
by its service sector comprising 61.1% of GDP employing 79.2% of labor force in 2016. It
has four main features of its growth being Trade, Manufacturing, Services and Financing.
The description of Australia was reasonably fair in first century of European settlement when
wool exports was supreme but the key features remained as farming and grazing. This image
was changed after World War II with the growth of manufacturing and services. As manufacturing began declining in the last decades of 20th century, other aspects of dependency status was exposed. Australian Govt. have shown a readiness in the economy but,in general, it has been dominated by UK, USA, and Japan and recently by giant multinational companies. With almost all industries open to foreign competition and skilled work force Australia continues to be an attractive
destination for investment. It is one of the Asia's wealthiest nation.
Reserve Bank of Australia conducts monetary policy, works to maintain strong financial system
and issues currency which is Australian dollars.The wealthiest industries in Australia are-
- Financial industry - consisting of Insurance companies, Investment and trading banks, Asset
   Managers and REITs
- Healthcare Industry
- Industries and and materials Industry
- Metals and mining industry
- Energy and utilities industry
Australia is the largest exporter of Coal, Iron ore, Lead, Diamonds, Zinc, and second largest in
Gold and Uranium and third in Aluminium.
Its imports are mainly Machinery, Petroleum, Telecommunications  Its Trade partners are China,
Japan, Korea, Singapore, New Zealand, Thailand, UK and USA. The country has great market
and business potential.

   

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