Australia

Location:

Australia is located between the Indian Ocean and the South Pacific Ocean.

Background & History:

“Australia became a common wealth of the British Empire in 1901.  It was able to take advantage of its natural resources to rapidly develop its agricultural and manufacturing industries and make a major contribution to the British effort in World Wars I and II.  Long-term concerns include pollution, particularly depletion of the ozone layer, and management and conservation of costal areas, especially the Great Barrier Reef. A referendum to change Australia’s status, from a commonwealth headed by the British monarch to a republic, was defeated in 1999.” (The World Fact Book, 2003)

Overview of Australia’s Economy:

“Australia has a prosperous Western-style capitalist economy with a per capita GDP on par with the four dominant Western Europe economies.  Rising output in the domestic economy has been offsetting the global slump, and business and consumer confidence remains robust.  Australia’s emphasis on reforms is another key factor behind the economy’s strength.  The stagnant economic conditions in major export partners and the impact of the worst drought in 100 years cast a shadow over prospects for 2003.” (The World Fact Book, 2003)  

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GDP:

Purchasing power parity- $528 billion (2002 est.)

Real GDP growth rate:

3.6% (2002 est.)

GDP per Capita

Purchasing power parity- $27,000 (2002 est.)

GDP composition by sector:

Agriculture: 3%

Industry: 26%

Services: 71%

Household income or consumption by percentage share:

Lowest 10%: 2%

Highest 10%: 25.4%

Distribution of family income Gini index:

35.2 (1994)

Inflation rate (consumer prices):

2.8% (2002 est.)

Labor Force:

9.2 million (December 2001)

Labor Force by Occupation:

Services: 73%

Industry: 22%

Agriculture: 5%

(1997est.)

Unemployment rate:

6.3% (2002)

Budget:

Revenues: 86.8 billion

Expenditures: ...

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