Australia's Economy Essay

China has, for a sustained period of time, been one of Australia's most important trade and economic partners. But this has not always been the case. Since the late 1970s China has moved from a closed, internal focused economy to more of a global market oriented one that plays a major part in other nations economies, like Australia's. Although China is technically a Socialist nation, market capitalism is actively encouraged, much the same as in Australia. In 2010 China became the world's largest exporter, with exports ranging from natural resources to manufactured goods. (CIA-World fact book) Australia's economy, in this sense, differs from that of China's. As Australia is simply too expensive to manufacture goods ("Holden, Ford,

Structural Change and Australian Economy Structural change is the change in the pattern of production in an economy as certain products, processes of production and industries disappear and are replaced by others. The past century has seen the relative decline of agricultural and manufacturing industries, and the rise of services and new technology sectors. Structural change can be caused by a wide range of economic influences including changes in the pattern of consumer demand and technological change. The speed of structural change depends on the ability of an economy or industry to adjust quickly. People's natural resistance to change and government regulation often impedes the process of

The world price of Australia’s mining exports has more than tripled over the past decade, while investment spending by the mining sector increased from 2 per cent of GDP to 8 per cent. This ‘mining boom’ represents one of the largest shocks to hit the Australian economy in generations. This paper attempts to quantify some of its effects, using top-down analysis of the Australian economy. It will show the mining boom has substantially increased Australian living standards. By 2016, we estimate that it had raised real per capita household disposable income by 13 per cent, raised real wages by 6 per cent and lowered the unemployment rate by about 1¼ percentage points. There have also been costs. The boom has led to a large appreciation of the Australian dollar that has weighed on other industries exposed to trade, such as manufacturing and agriculture.

There are many types of agriculture around me. I live in Arkansas where agriculture is the largest industry, adding around $ 16 billion to the stateś economy annually. Some of the largest agricultural products I see around me are soybeans, cotton, timber, and grain.

Economic growth refers to an increase in an economy’s productive capacity, as measured by changes in its real GDP (adjusted for inflation), over a period of time. Growth may be measured quarterly, annually, or year on year (changes from one quarter to the corresponding quarter the following year). Annual growth is used to identify trends in the business cycle, while quarterly growth provides an indication of the economy’s short-term direction, and year on year growth to show annual progress.

Globalisation is the process of integration and sharing of goods, capital, labour, services, knowledge, leisure, sport, ideas, and culture between countries. Globalisation is making a positive contribution to the world in many ways, such as, increased competition, stabilised security, and more wealth and economy throughout the world. Globalisation has increased the competition between many retail stores. When there are multiple producers trying to gain hold of the economy, generally the quality of goods and services rise as a result. With globalisation, more businesses are starting to cross international borders introducing a higher standard into the global marketplace, by doing this, consumers have greater options to choose from.

In recent times, Australia and the European Union have begun to cooperate with the goal of starting a multilateral free trade agreement in order to benefit every nation involved. A free trade agreement will encourage trade between the member countries by removing or reducing artificial restrictions (tariffs, quotas, subsidies etc.) which could negatively impact their trade. As of the present, negotiations surrounding the details of the agreement have begun, following the EU’s approval ahead of the UK’s brexit. This decision has been sped up due to the UK’s brexit as well as the US’s decision to impose

Coffee, sugarcane, sisal, and fruit are the dominant commercial crops, while beans, rice, corn, and sorghum are the main food crops. Coffee is the dominant export. Sugarcane, cotton, sisal, coconuts, and vetiver are raised on plantations

Free trade, a system which symbolizes the WTO and is pursued by many nations. It is designed to significantly increase trade between the member nations of the agreement. Free Trade Agreements (FTA) have long been the cause of the economic rise, better labor standards, development, investment, inter-alia. Notably, the 2 biggest being the TTIP and the TPP; agreements which are perfectly described as FTA in their successful aspects. The TPP was initially an agreement between Australia and 12 other Pacific countries but ever since the declaration of withdrawal by President Trump has been subjected to obstacles in its way to being implemented. Considering the benefits of the TPP of delivering high-quality outcomes that will promote job creation,

Key Factor that have been seen around the world in which have led to the transformations of populations are primarily Colonisation, Globalization and migration. Around the world today intractable conflict is found in many areas that were subjected to colonization by European super powers such as Africa, the Balkans, Southeast Asia, the Middle East and South America (Marker, S, 2003). Many of these produced conflicts with differences in policies, territorial boundaries, treatment of indigenous populations and the prioritising of some groups over others. This can create an uneven distribution of wealth and the formation of non-democratic government systems when others countries intervene in this manor (UNESCO, 2015). Examples of colonization also stem to Australia when the First Fleet arrive.

The changing land use via the construction of the new Crown Resort in Sydney harbour yields a majority of negative implications on the environment, Australia’s economy, and society. The effect on the environment, including air and water pollution, and the deconstruction of the working harbour, is detrimental to health and well being. The social implications include the effect on gamblers’ individual lives and the lives of social housing occupants, as well as the impact casinos have on Australia’s international profile. The economy is affected because it widens the economic gap between rich and poor and changes the area via the changing of residents due to high rates catering to wealthy tourists.

The crops raised included grapes, olives, peaches, cherries, plums, walnuts, wheat, and barley. The livestock raised included horses, oxen, donkeys, sheep, cattle, and elephants.

Some of the major industries of Australian economy are—manufacturing, finance, ship building, information and technology, agricultural, mining, and insurance. Mining industry is one of the chief industries which have led to the growth of population in the Australian continent, right from the time when gold was discovered in Australia. Mineral and fuels top the list of Australian exports. Australia has often been called resource-rich because of its huge natural deposits of many very useful and valuable fossil fuels, metals and minerals. Although the agricultural industry has witnessed a fall from its position during the 1970’s, it still contributes towards Australian economy. Australia was one of the largest exporters of beef and wool in the whole world and the third largest of wine and wheat. When Australia was first settled by Europeans, who brought with them their farming practices and food processing techniques, it took a few years to produce primary products for sale.by 1790 beer, butter and cheese were on sale in small quantities in the Sydney and Parramatta markets. But then more people started arriving in Australia and the population grew, so more food was needed. Because early settlers saw what they believed to be lots of uninhabited land for the farmers to work with, they decided to grow both crops and raise

Australia has been one of the few developed nations to remain largely unscathed by the global financial crises of 2008 – a crisis, which has left in its wake seemingly intractable problems of unemployment, large government debts, financial fragility and political unrest in Europe, Japan and North America (McAuley 2012). This would be further explored in the essay.

The main meats in Australia are Pork, Chicken, Beef and Lamb these major food sources are in high demand right across Australia. Although many of these meats are high in fat, this forces a lot of Australians to consume a small amount each week. Australia is one of the world's most efficient