A revamping of the Australian economy

Type :

Term papers

Pages :

7 pages

Format :

.doc

Published date :

09/25/2009

Category :

Economics & finance

Sub category :

Economics

Oboulo.com selection criteria

$ 14.95 Add to cart

Summary :

Introduction
Growth of the Australian GDP
Financial help from England
Swift growth of the Australian economy
1. Asialink
2. AustralAsiaCentre
3. Australia's wealth in natural resources
4. Economic reforms in the Australian economy
Sydney and Melbourne as the economic hub
The development of technology in Australia as a boon
The expansion of technology in Australia
The economic aspects of immigration
Changes in Australia's education system
1. The value of education in Australia
Positive and negative effects of globalization in Australia
Reduction of poverty in Australia
Conclusion
Work cited

Abstract

Amidst a national economic crisis, many people seem to overlook the fact that several other countries throughout the world are also having problems with their economy. Among these is Australia, a country most people forget about other than their occasional dinner at the "Outback", but under all those stereotypes of Kangaroos and Adventurers lies a normal country with normal economic responsibilities. Over the past several years Australia has developed a prosperous Western-style capitalist economy, with a per capita GDP comparable to other West European countries. Rich in natural resources, Australia is a major exporter of agricultural products, minerals, metals, and fossil fuels. Like many other countries Australia suffered from low growth and high unemployment throughout the late 80s, early 1990s. Yet, in 1992-93 the economy recovered slowly from the prolonged recession, a major restraining factor being, weak world demand for Australia's exports. Growth picked up so strongly in 1994 that the government felt the need for fiscal and monetary tightening by the year's end. Australia's GDP grew 6.4% in 1994, largely due to increases in industrial output and business investment. While our interactions with Australia aren't widely known, the U.S. economic interests in Australia are substantial, including direct investment worth approximately US $16 billion and a bilateral trade surplus of approximately US $6 billion (up by approximately US $600 million from 1993).