The Australian Economy

1495 Words6 Pages
Many opportunities and challenges await the global economies of today. The balancing of one country’s financial position has the capability to bring down an entire nation in an instant. One country’s financial gains require financial losses of another. The Australian economy is currently undergoing a major shift that is leading to low productivity and increased unemployed. Despite its current growing pains, the Australian economy remains resilient and is positioned to continue into its “23rd year of uninterrupted annual economic growth”.

Australia is comprised of six states and a land mass size of 2.9 million square miles. The country is sometimes referred to as the world’s largest island. Australia is the world’s sixth largest country as measured by land size and has the world’s twelfth largest economy as measured by total GDP (nominal). Australia has the world’s largest supply of lead, nickel and zinc and is a global leader in the mining industry. Australia is one of the wealthiest developed countries in the world with the fifth largest per capital GDP (nominal) income of A$67,722. At the same time, Australia has a large inventory of high home prices and some of the highest household debt levels in the world.

Australia’s population has grown exponentially over the past 10 years and is mainly due to immigration. Approximately 28% of Australia’s current population was born outside the country and the rate is almost twice that of other advanced economies. Australia’s population increases are the opposite of what is happening in other advanced economies as population growth rates have been declining over the past several years. Demographic trends are an important factor in many economic decisions and have a significant imp...

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