The Australian Economy Australia - 1752 Words

The Australian Economy During my lifetime the Australian economy has been one of the strongest and most consistent in the world. There are a multitude of factors that have led to this and allowed the Aussies to be in this position. One of them being steady GDP growth rates, averaging around 3.5% annually (Heritage.org). Australia has also benefitted from considerably low inflation and unemployment rates. With this mixture of GDP growth, low inflation, and unemployment, they consistently set themselves up to be one of the strongest economies in the region, as they ranked third in the ranking of regional economies (Heritage.org). Another reason for Australia’s ongoing success is primarily because of the growth in foreign demand of importing†¦show more content†¦The country also exports more black coal than any other nation (History of the Minerals Industry). The largest slice of Australia’s exports go to China, exporting around 31.6% of its total exports, making China Australia’s biggest benefactor to its economy (DFAT). Although the exports mainly consist of the titanic amount of minerals that Australia mines, China also imports large quantities of wool, another heavily traded commodity of Australia. One of the leading wool industries, the Australian Wool Innovation (AWI) has said â€Å"it is easier to sell fine wool for clothes to China than to traditional recession-hit markets in Europe† (The Economist - Hitched to the China Wagon). The exportation of wool in conjunction with the exportation of minerals and ore to China makes China a strong partner with Australia when it comes to resource trading. China obviously is dependent on Australia’s exportations, making Australia’s relations with China a strength of the overall Australian economy. The Australian economy however, is clearly just as dependent on China’s demand for such commodities. Although Australia greatly benefits from China’s demand in its exports, Australia needs to make sure the trade relations between them don’t act as a crutch for the Australian economy. Recent studies and articles predict China’s demand forShow MoreRelatedThe Resilient Australian Economy : Australia Essay1609 Words   |  7 PagesResilient Australian Economy 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. Composition The Australian economy faces new challenges like the high exchange rate of Australian dollarRead MoreBp Australia And The Australian Economy1079 Words   |  5 PagesSummary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦pg.2 Introduction/How, this business contributes positively to the Australian economy†¦...pg.3 Possible effects/impacts of current external factors†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.pg.4 Recommendations/conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.pg.5 â€Æ' Executive Summary This report provides an analysis of the multinational company, BP (British Petroleum) and its contribution to the Australian economy through a number of sources. 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