Economy of Australia

A magnificent story of Australian Economic

Australian economy comes among the first five developed countries of the world and enough to fascinate through it significantly economy growth. The world best economy system revolves around trade, manufacturing, service and finance.

  • Origin of the Australian Economy:-

When we look out in the past, the woolen industry and the gold rush emerged as two major factors that lifted up the growth of the Australian economy marvelously in the middle of the 19th century. The gold rush is considered to be responsible for the population growth of the country that was very much needed by Australia at that time. The second phase of economic boom came at the time of the Second World War.

  • 4  Specialties of Australia’s Economy:-
  1. It’s one of the largest mixed market economies in the world.
  2. It comes on the 19th-largest importer and 19th-largest exporter.
  3. Its economy is forecasted by The Reserve Bank of Australia quarterly.
  4. Australia is considered as a home of one of the largest companies in the world,
  • The 3 significant factors behind the Phenomenal Growth:-

In case of figure out the significant points working behind the phenomenal growth of the Australian Economy, it could be found that the Australia’s strong Economy basically stands on its stable government, healthy politics and enormous natural resources after seeing many highs and lows in the past few decades and now its free market with the four main components Trade, Manufacturing, Service and Financing is among the first five developed countries of the world. Small industries and businesses are also playing a vital and enormous role to make its economy strong.

  • Taxation Policy in Australia:-

To bring up its economy rate, a new and fresh tax system was started at the beginning of the new millennium that was not only fruitful for the businesses but individuals too. The taxation policy of Australia revolves around federal taxation and state taxation but not mandatory throughout the country. Though, income tax and business tax are also prominent, but goods & service tax, social security, Municipal tax, excise duties and capital gains tax can’t be ignored.

  • What dominate the Australian Economy:-

The world’s best economy is dominated by the service sector, agriculture and mining sector. There are some other sectors as well playing a vital role to lift its economy, including large rate of production, high technology, private enterprises, natural resources and industrialization.

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