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A revamping of the Australian economy

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Mary M.
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  1. Introduction
  2. Growth of the Australian GDP
  3. Financial help from England
  4. Swift growth of the Australian economy
    1. Asialink
    2. AustralAsiaCentre
    3. Australia's wealth in natural resources
    4. Economic reforms in the Australian economy
  5. Sydney and Melbourne as the economic hub
  6. The development of technology in Australia as a boon
  7. The expansion of technology in Australia
  8. The economic aspects of immigration
  9. Changes in Australia's education system
    1. The value of education in Australia
  10. Positive and negative effects of globalization in Australia
  11. Reduction of poverty in Australia
  12. Conclusion
  13. Work cited

Amidst a national economic crisis, many people seem to overlook the fact that several other countries throughout the world are also having problems with their economy. Among these is Australia, a country most people forget about other than their occasional dinner at the ?Outback?, but under all those stereotypes of Kangaroos and Adventurers lies a normal country with normal economic responsibilities. Over the past several years Australia has developed a prosperous Western-style capitalist economy, with a per capita GDP comparable to other West European countries. Rich in natural resources, Australia is a major exporter of agricultural products, minerals, metals, and fossil fuels. Like many other countries Australia suffered from low growth and high unemployment throughout the late 80s, early 1990s. Yet, in 1992-93 the economy recovered slowly from the prolonged recession, a major restraining factor being, weak world demand for Australia's exports. Growth picked up so strongly in 1994 that the government felt the need for fiscal and monetary tightening by the year's end. Australia's GDP grew 6.4% in 1994, largely due to increases in industrial output and business investment. While our interactions with Australia aren't widely known, the U.S. economic interests in Australia are substantial, including direct investment worth approximately US $16 billion and a bilateral trade surplus of approximately US $6 billion (up by approximately US $600 million from 1993).

[...] Pursuing a goal of a globally competitive economy, the Australian government is continuing a program of economic reform that begun in the 1980s that includes an accelerated timetable for the reduction of protection and micro-economic reform. Initially broad in scope, the Australian government's program is now focusing on industry-by-industry, micro-economic changes designed to compel businesses to become more competitive.[7] The strategy has three main goals: protection must be reduced; the pace of reform needs to be accelerated; and industry must learn to do without high levels of protection. [...]


[...] Work Cited The Australian Bureau of Statistics Sept The Economy and Economic Resources Oct < http://www.abs.gov.au/Ausstats/>. Craig, J.D. Transforming the tortoise : a breakthrough to improve Australia's place in the economic race. Nundah, Qld: Prosperity Press Greber, Jacob. ?Australian Economy Has `Stood Up Well' to Crisis, OECD Says.? Bloomberg News 10 Oct Oct Maddock, Rodney, and Ian W. McLean. The Australian Economy in the Long Run. Cambridge, UK: Cambridge University Press McKissack, Adam, et al. ?Structural effects of a sustained rise in the terms of trade.? Australian Government Department of Treasury July Oct

[...] This may seem like a minimal annoyance in the issue of trade, but it can have a tremendous impact on the lives of the people and shouldn't be overlooked. A contributing factor to this recent economic growth is individual discovery and absorption of complex collective technologies. The passage from colonial times and primitive tools to a prosperous community took place in a few decades. That this was possible at all was due to technology and its interaction with social factors: The discovery of gold, which brought large numbers of new citizens into the country, many adventurous and skilled; the rapid and widespread development of railways, the transfer of steam technology on a grand scale; and the fact that the new country had no entrenched peasant farmers or primitive tools to be displaced. [...]

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