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    The Australian economy has a GDP of over $1.57 trillion, dominated by its large services sector which accounts for 68% of GDP. Mining represents 10% of GDP and fuels a mining-related sector making up 9% of GDP, with the mining sector growing significantly in the 1960s-1970s. Major Australian companies include several large banks, materials/mining companies, telecommunications and retail firms. Despite recent global economic challenges, Australia has maintained growth above 3% annually and low unemployment, with its economy considered one of the strongest among advanced nations.

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    The Australian economy has a GDP of over $1.57 trillion, dominated by its large services sector which accounts for 68% of GDP. Mining represents 10% of GDP and fuels a mining-related sector making up 9% of GDP, with the mining sector growing significantly in the 1960s-1970s. Major Australian companies include several large banks, materials/mining companies, telecommunications and retail firms. Despite recent global economic challenges, Australia has maintained growth above 3% annually and low unemployment, with its economy considered one of the strongest among advanced nations.

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    Download as DOCX, PDF, TXT or read online from Scribd
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    4 views1 page

    Half Page Essay

    Uploaded by

    elfaouiweb
    The Australian economy has a GDP of over $1.57 trillion, dominated by its large services sector which accounts for 68% of GDP. Mining represents 10% of GDP and fuels a mining-related sector making up 9% of GDP, with the mining sector growing significantly in the 1960s-1970s. Major Australian companies include several large banks, materials/mining companies, telecommunications and retail firms. Despite recent global economic challenges, Australia has maintained growth above 3% annually and low unemployment, with its economy considered one of the strongest among advanced nations.

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    Attribution Non-Commercial (BY-NC)
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    The Economy of Australia

    The Australian Economy is one of the largest in the world with a GDP of US$ 1.57 trillion. The Australian Economy is dominated by its service sector, which is representing 68% of its GDP. Then, its mining sector comprises 10% of its GDP and the mining-related economy represents 9% of its GDP. The mining sector started its rising in the 1960s and 1970s and fuelled the development of consumerism in Perth. The Biggest company are the following: BHP Billiton (Materials/mining), National Australia Bank (banking), Commonwealth Bank (Banking), Rio Tinto (Materials/Mining), ANZ (Banking), Westpac (Banking), Telstra (Telecommunications), Macquarie Bank (Banking), Woolworths (Food /Supermarket), AMP Financials (Banking). Despite the crisis, according to the World Bank, the Australian GDP growth rate was 3.2 % in 2011 and 3.8 % in 2012. It is predicted by the IMF to be one of the most performing advanced economy. The unemployment rate is around 5.8 % and is one of the lowest in the whole world. The corporate tax is at 30 % and the good and service tax is around 10 %. To conclude, Australian economy is one of the growing economy of the past few years and will probably quickly outrank the most developed economies.

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