Australia 3-Economy

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Economy

• Wool export has reigned supreme in the Australian economy since the colonial period, and was important to the development of agriculture as the country's largest industry.
• Agriculture
  • Despite Australia's harsh environment, agriculture is the most extensive form of land use
  • Today, Australia remains the world's leading producer of wool
    • "the country riding on sheepback".
  • Australia is an important provider of the world's main agricultural products
    • the export of agricultural products accounts for about one-third of the national total.
  • Wheat is the country's leading grain crop and is grown in every state
    • Up to four-fifths of the grain is exported, mainly to East Asia, the Middle East, and the Pacific region.
  • Sugar represents Australia's second largest crop export
  • Wine making for domestic and overseas markets is most significant in South Australia
    • Nearly half of wine exports are directed to Britain, and other major markets include the United States, New Zealand, Canada, and Germany.
  • Agricultural production is highly mechanized in Australia, and research work in agriculture plays a vital role in strengthening Australia's competitiveness in the international market.
• Forestry and Fishing
  • official estimates suggested that a. total of one-fifth of Australia's land area was native forest.
  • The chief forests for commercial use
    • are in areas with high rainfall on the coast or in the coastal highlands of Tasmania, the southeastern and eastern mainland, and along the southwestern coast ofWestern Australia.
    • The Australian Fishing Zone
      • covers an area 16 per cent larger than the Australian land mass
      • it is the world's third largest of its type.
    • Fresh, frozen, and canned seafood is sold locally and to Asian, European, and North American markets.
• Minerals and Mining Industry
  • Australia has been more often referred to as "the country riding in the mineral cart”
  • Indeed, the minerals industry has become the country's largest export earner, accounting for over half of the national total export.
  • Australia has the world's largest known recoverable resources
    • It is ranked in the world's top six countries for recoverable
  • Australia is the world's largest producer of diamonds
  • All in all, Australia is the world's largest exporter of coal, aluminum, diamond and second largest exporter of iron ore, lead and uranium.
• Manufacturing
  • manufacturing employs about one-eighth of the labour force and contributes about one-eighth to Australia's GDP.
  • Motor vehicle manufacture is a principal source of employment in each of the mainland state capitals
    • it has become closely associated with immigrant labour
  • Geelong
    • it is an important industrial centre
• Service Industries
  • the service industry represents over two-thirds of its GDP today.
  • tourism has become the nation's largest services export industry
  • Some of the most popular attractions
    • 1. Queensland's spectacular Great Barrier Rec£
    • 2. the Northern Territory's Kakadu National Park
    • 3. the famous beach resorts in the Brisbane ang Sydney
  • Highway transport
    • it plays a crucial role in Australian transport, accounting for about three-fourths of the national transport
  • Qantas Airways, Ltd., the country's largest airline company
  • Australian postal service
    • it is administered by Australian Postal Corporation
  • Australia's telecommunications and IT market
    • the third largest in the Asia Pacific and the tenth largest in the world
  • There are 5 free TV channels in Australia
    • 1. ABC
    • 2. SBS
    • 3. SAS7
    • 4. NWS9
    • 5. ADS 10
    • three commercial TV channels
• Foreign Trade and Economic Relations
  • Australia has an export-oriented economy, with import and export trade constituting a high proportion in its GDP.
  • The transition of the Australian economy from colonial to modern times has led to changes in Australian trading patterns
  • The top five export markets for Australian goods and services
    • 1. Japan
    • 2. the United States
    • 3. China
    • 4. New Zealand
    • 5. the Republic of Korea