Лекция: ECONOMY OF AUSTRALIA

Australia has a prosperous, Western-style capitalist economy, with a per capita GDP slightly higher than those of the UK, France and Germany. The Australian economy is dominated by its services sector (68% of GDP), yet it is the agricultural and mining sectors (8% of GDP combined) that account for 65% of its exports.

Rich in natural resources, Australia is a major exporter of agricultural products, particularly grains and wool, and minerals, including various metals, coal, and natural gas. A downturn in world commodity prices can thus have a large impact on the economy.

The government is pushing for increased exports of manufactured goods, but competition in international markets continues to be severe. Australia's comparative advantage in primary products is a reflection of the natural wealth of the Australian Continent and its small domestic market; 20.3 million people occupy a continent the size of the contiguous United States. The relative size of the manufacturing sector has been declining for several decades, and now accounts for just under 12 percent of GDP.

In the beginning of the Second World War till the 1970s, Australia was locked in a period of high maintained economic expansion which is now known as the “long boom”. This period is marked by large increases in the Australian population (by 80%), and little if any economic fluctuations. Despite the huge increases in the Australian population, economic growth, defined by increase in GDP per head, was still growing. It is statistically significant that in this period, the standard of living as representational of increases of GDP per capita, literally doubled. 1974 was the year which is described as the end of the ‘long boom’.

Australia's emphasis on reforms is key factor behind the continuing strength of the economy. In the 1980s, the Australian Labor Party, led by Prime Minister Bob Hawke and Treasurer Paul Keating, commenced the modernization of the Australian economy by floating the Australian dollar in 1983, leading to full financial deregulation.

 

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