Australia is the lowest and the lowest continent in the world, and it is considered to be the second lowest continent before Antarctica also it has a desert that covers approximately 20 percent of the country. Most of the land is unfavorable for agriculture without deep irrigation. The coastal region, specifically on the eastern side of the country, is quite hilly and fertile. The Great Dividing Range, is the considerable mountain range in Australia, it forms a natural obstacle between dry plains and the eastern coastal part and the Australian Outback desert. Also, there is a snowy mountain in Australia, referred to as Mount Kosciuszko, it is 2,228m high, therefore becoming the highest mountain in Australia (Society, 2017).
The Australian population is concentrated on the southeast side of the country. That region is very economically firm, ethnically diverse and industrialized. About seventy percent of the country's population inhabits the twenty-seven percent of the land sector, while eighty-seven percent of others inhabits the urban part. The west and center of Australia have sparse population. The major population concentrates on the costs which include: Brisbane and Sydney on the east, Perth on the west, Melbourne and Adelaide on the south (Society, 2017).
Gross Domestic Product
The US GDP value represents 28.95% of the global economy. Its GDP between 1960 to 2015 stands at 6557.34 USD Billion, and in 2015 getting at the 17947 USD Billion. The Australian Economy is among the biggest mixed market economies globally having a GDP of AUD$1. 62 trillion as of 2015. The total wealth of Australia as at 2013 is AUD$6.4 trillion.
The Australian Economy is among the biggest mixed market economies globally having a GDP of AUD$1. 62 trillion as of 2015. The total wealth of Australia as at 2013 is AUD$6.4 trillion. Based on 2012 nominal GDP, Australia was the 12th greatest national economy also, the 17th largest based on PPP-adjusted GDP nearly 1.7% of the global economy. With regards to the importation and exportation, Australia is respectively ranked 19th; its economy is among the dominant one in the world by its service sector, making up 68% of the GDP. Furthermore, the mining industry donates 7% of the GDP, the aggregate value of the mining sector between 2009 to 2010 was 8.4% of the GDP. Australia economy development widely depends on the agriculture and mining industry, which is 12% of GDP, while its products are mainly exported to the East Asian market (OEC - Australia (AUS) Exports, Imports, and Trade Partners, 2017).
The Monetary System
The Australia financial system has experienced substantial transformation over the past two decades from the time of Campbell Inquiry, which stimulated an era of financial deregulation. The Australian Banking sector is made up of various of banks permitted to operate on banking business under Banking Act 1959. Additionally, there is a big number of the financial institution like mutual banks, building societies, and credit unions, providing limited banking-type services.
The Australian currency is referred to as the Australian Dollar, and its currency rate against the US dollar is: 1 Australia Dollar= 0.77 US Dollar (Australian Economy Snapshot | RBA, 2017).
The Australia Reserve Bank assumes the responsibility of creating and applying the monetary policy. The decision in the monetary policy entails setting up of the interest rates on the overnight loan within the money market. The rest of the economys interest rates are influenced by the interest rates to the fluctuating levels, for the monetary policy influences the behavior of the borrowers together with lenders in the financial markets (OEC - Australia (AUS) Exports, Imports, and Trade Partners, 2017).
Government indebtedness: As at 27th of February 2014 Australian gross government debt was A$300.63 billion, and A$300.63 billion as at August, 15th 2014; there was an increase of AUD$2.05 billion from March 6th, 2015; and A$405.988 billion as at January 22nd, 2016. The government debt continued to fluctuate from one week to another based on the general outlays, large-sum outlays and government receipts. The debt of the Australian government does not include the government funds retained in the reserve within legal authorities like the Australian Government Future Fund (Australian Economy Snapshot | RBA, 2017).
The Economy System
The key Australian trade partners include:
Key Trade partners Exports
Japan (8.36%) iron ore, coal, and beef.
China (17.94%) iron ore, gold, and coal
United States (11.26%) spacecraft parts and aircraft, alcoholic beverages and beef,
The top exports of Australia are Iron Ore ($37.5B), Coal Briquettes($30.2B), Petroleum Gas ($12.7B), Gold ($12.5B) and
Other trading partners include Singapore (5.54%), Thailand (5.81%) and Germany (5.3%). The Australia primary imports include office machines, transport equipment, computers as well as the telecommunication parts and equipment; petroleum and oil products (OEC - Australia (AUS) Exports, Imports, and Trade Partners, 2017).
Their leading importers partner by country are
Country Units: AUD Million
United States 2517059.73
Indeed, despite Australia being a desert, it has developed a strong economy over the decades which also depends on agriculture. Additionally, the country has strengthened its trade partnership with other foreign country making it to receive revenue as well as boosting its GDP. The Australian economy remained to be stable even after the 2007 global economic crisis which affected most of the steady economic nations, Australian economy was not shaken. The Reserve Bank of Australia has played as the significant role to protect the country's economy from inflation.
Australian Economy Snapshot | RBA. (2017). Reserve Bank of Australia. Retrieved 21 March 2017, from http://www.rba.gov.au/snapshots/economy-snapshot/
OEC - Australia (AUS) Exports, Imports, and Trade Partners. (2017). Atlas.media.mit.edu. Retrieved 21 March 2017, from http://atlas.media.mit.edu/en/profile/country/aus/
Society, N. (2017). Australia Facts, Australia Flag -- National Geographic. National Geographic. Retrieved 21 March 2017, from http://travel.nationalgeographic.com/travel/countries/australia-facts/
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