Economy of Australia Crash Course

Economy of Australia Crash Course


Australia has one of the
prosperous mixed economies, constituting the first five
developed countries of the world. It basically stands on
the four major components of manufacturing, trade,
services, and financing. Where the contribution of
the manufacturing industry in Australia’s total economy is
around A$1.7 trillion (total GDP). It is the 10th nominal
GDP per capita rank, as per IMF in 2018 and the
18th on a PPP basis. Per capita, a gross domestic
product of Australia on the nominal basis is $58,941 and $52,191 on
nominal and PPP respectively. The economy constitutes 61.1%
of the GDP, which is controlled by its private sector and employs
a large labor force of 79.2%. It has the eight highest total
value of natural resources. Apart from being a strong player
in the economy of the world, Australia is a member of the
APEC, G20, WTO, and OECD. To increase and maintain its
economic growth and help other countries share from its natural
resources and other products, it has joined the free trade
agreements with ASEAN countries, which include, Chile,
Thailand, Canada, South Korea, Peru, Japan, Singapore,
Malaysia, and the United States. As per the report by Roy
Morgan Research conducted in August 2017, the
unemployment rate was 10.1%. On the contrary, the number
of persons who were expected to be on part-time
employment was 4.24 million. The quarterly underemployment
rate was reduced by 0.2 % to 8.6%. Due to its stable government policies and
financial laws, during the fiscal quarter of March 2017, Australia has the record for
the uninterrupted GDP growth in the world. Economic Freedom Economic freedom scores of Australia
is 80.9, which makes it the 5th freest economy in the world, according
to the 2018 economic freedom index. It is ranked 4th among the 43
countries in the Asia Pacific. Rule of Law Basic principles that govern
the rule of law in Australia is followed and underpins the
following points, which are: To ensure proper workflow, a clear and
accessible rule of law is followed. Justice should be given to
each and every individual. Protection of individual rights,
freedom of speech and easement of laws to settle disputes between the
parties are made for the people. GDP, Trade, and Taxes GDP per capita on the PPP
value is estimated at $46,012. Foreign direct investment in Australia
with net outflows is -0.2097 (WDI). The public debt is 42.3%
of the GDP in October 2017. The tax-free threshold for resident
individuals in Australia is $18,200 with the highest marginal rate of
45% for each and every individual. Merger and Acquisition (M & A) With a good reputation and
high investment, around 43 thousand deals
successfully completed on national, inbound or
outbound with a cumulative value of $2,554 billion
United States Dollar. With sectors such as Westpac Banking Corp
and St. George Bank Limited, Shareholders and Westfield Group Assets, SABMiller’s
Beverages acquiring Foster’s Group Ltd, Australia finds a great opportunity
to stabilize its economy and its M&A policies have
helped different investors to securely and easy and smooth penetration
in the Australian economy workflow.

4 thoughts on “Economy of Australia Crash Course

  1. if you like this video, please support our channel by buying some books from our partner publisher here: https://readintrobooks.com/ebooksaudiobooks/

  2. LKY said once before to Ozzie media that Oz would have become the White Trash of Asia or Shitholes of Asia using current trumpeter terminology if it had not export its massive natural resources to China.

  3. Free economy, but the zero growth. Rule of law – The USA rule of law applies. The 1st qrt in 2019 is 0.2%??

Leave a Reply

Your email address will not be published. Required fields are marked *