Australia's Economy

In Glogpedia

by Bisrat
Last updated 6 years ago

Discipline:
Social Studies
Subject:
Economics
Grade:
11

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Australia's Economy

Australia's Economy

2) Australian dollar drops to 87.6 US cents as China’s factories slow down The Australian dollar tumbled to a three-and-a-half-year low after Chinese manufacturing fell to the lowest point and the country’s factory sector began shrinking. Capurso said the Aussie is very sensitive to perceptions and Dunigan suggested that any kink in the growth story is going to make investors pause.

1)Jobs at risk if Australia scraps renewable target, says solar lobbyThousands of PV (photovoltaic) jobs are at risk if the RET is going to be scrapped because 20% of all electricity by 2020 is to come from renewable sources. These made the industry skittish about the future and confused consumers.

Government: authoritative direction or control

3) Reserve Bank of Australia holds interest rates steadyThe RBA governor, Glenn Stevens, said monetary policy was appropriately set to foster sustainable growth in demand and keep inflation within the bank's 2% to 3% target band.The most prudent course is likely to be a period of stability in interest rates. However, The bank still expects economic growth to remain below trend for a time yet and unemployment to rise further before it peaks.

Australia's top 5 trade in good and services partners:China, Japan, Republic of Korea, USA and India

Australia's top 5 Exports: Iron ore & concentrates, Coal, Gold, Education and Natural Gas.

Australia's top 5 Imports:Personal travel, Crude petroleum, Passenger moto vehicles, Refined petroleum, Freight transport services.

Major IndustriesTourism, Mining, Shipbuilding, Information and Technology and Agriculture.

Components of GDP (Expenditure approach)

The percentage growth of agriculture in Austrlaia was very high in 2004. However it declined by large percentage up to 2007 as a result of the great recession and started growing again on 2008. The growth did not last; it fall again on 2010, from 17.6% to 2.56%.Ever since then the percentage did not fall by a great amount but a huge growth was not recognized as well. It is almost on a constant level.

Annual%growth of agriculture in Australia

Agriculture

Gold Mining

Consumers: are supported by the independant statutory ACCC which provides competition and fair trade.Investment: investing capital to gain profit. Defence Housing Australia, Foreign Investment Review Board and Takeovers Panel are good examples.

Tourism

1.521 trillion USD (2012)


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