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ECONOMY OF AUSTRALIA


The Super Pit in Kalgoorlie,
Australia's largest open
cut gold.€





Australia has a prosperous, Western-style mixed economy, with a
per capita GDP slightly higher than those of the UK, Germany and
France in terms of purchasing power parity. The country was ranked
third in the United Nations' 2006 Human Development Index and
sixth in The Economist worldwide quality-of-life index 2005. The
absence of an export- oriented manufacturing industry has been
considered a key weakness of the Australian economy. More
recently, rising prices for Australia's commodity exports and
increasing tourism have made this criticism less relevant.
Nevertheless, Australia has the world's fourth largest current
account deficit in absolute terms (in relative terms it is more than
7% of GDP). This is considered problematic by some economists,
especially as it has coincided with the high terms of trade and low
interest rates that make the cost of servicing the foreign debt low.
The Hawke Government started the process of economic reform by
floating the Australian dollar in 1983, and partially deregulating the
financial system. The Howard government has continued the
process of microeconomic reform, including a partial deregulation
of the labour market and the privatisation of state-owned
businesses, most notably in the telecommunications industry. The
indirect tax system was substantially reformed in July 2000 with the
introduction of a 10% Goods and Services Tax, which has slightly
reduced the heavy reliance on personal and company income tax
that characterises Australia's tax system.
Income and human development
As of January 2007, there were 10,033,480 people employed, with
an unemployment rate of 4.6%. Over the past decade, inflation has
typically been 2–3% and base interest rates 5–6%. The service
sector of the economy, including tourism, education, and financial
services, comprises 69% of GDP. Agriculture and natural resources
comprise 3% and 5% of GDP but contribute substantially to export
performance. Australia's largest export markets include Japan,
China, the US, South Korea and New Zealand.
Capital


Largest city
Canberra
35°18′S, 149°08′E

Sydney
Official languages
English (de facto )
Demonym
Australian
Government



Monarch   -  
Governor  -    
Prime Minister
Parliamentary
democracy    
(federal constitutional monarchy)
Queen Elizabeth II
Michael Jeffery
John Howard
Independence

Constitution           
Statute of
Westminster    
Australia Act          
from the United Kingdom  
1 January 1901  

11 December1931   
(adopted 9 September 1939)
3 March 1986
Area
Total
Water (%)
7,741,220 km² (6th)
2,988,888 sq mi  
1
Population
2007 estimate

2006 census

Density

21,134,563 [1] (53rd)

19,855,288  

2.6/km² (224th) 6.7/sq mi
GDP (PPP)
Total


Per capita
2006 estimate
$1.727 trillion (8th1)

$12,096 (59th)
GDP (nominal)
Total

Per capita
2007 estimate
US$822.1 billion (AU $1.1
trillion) (15th)
US$39,320 (DFAT) (17th)
HDI (2004)
0.957 (high) (3rd)
Gini? (2002)
39.9 (medium)
Currency
Australian dollar (AUD)
Time zone

Summer (DST)
various N3 (UTC+8 to
+10.5)
(UTC+9 to +11.5)
+10.5)
Internet TLD
.au
Calling code         
+61
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